UK’s largest lender, Barclays said the country’s Serious Fraud Office (“SFO”) has charged the bank with various offences relating to capital raising.
Barclays said in a statement that the Serious Fraud Office (“SFO”) had brought certain charges against Barclays PLC in relation to matters that arose in the context of Barclays’ capital raisings in 2008. Those charges included one offence of unlawful financial assistance contrary to section 151(1) of the Companies Act 1985 in respect of a USD 3 billion loan provided to the State of Qatar in November 2008 (the “Loan”). Barclays noted that the SFO at that time had not made a decision as to whether it would also bring charges in relation to the Loan against Barclays Bank PLC.
Further to that announcement, the SFO has today charged Barclays Bank PLC with the same offence in respect of the Loan as charged against Barclays PLC on 20 June 2017 (“the Charge”).
Barclays PLC and Barclays Bank PLC intend to defend the respective charges brought against them. Barclays does not expect there to be an impact on its ability to serve its customers and clients as a consequence of the Charge having been brought.
