UK fraud agency clears Barclays


UK largest bank, Barclays said the Crown Court has today dismissed all charges brought by the Serious Fraud Office against Barclays PLC and Barclays Bank PLC.

It would be recalled that the SFO had charged Barclays to court regarding matters which arose in the context of Barclays’ capital raisings in 2008.

Barclays said the following charges have been dismissed which include charges against Barclays PLC of two offences of conspiring with certain former senior officers and employees of Barclays to commit fraud by false representations relating to two advisory services agreements entered into with Qatar Holding LLC in June and October 2008, contrary to Sections 1-2 of the Fraud Act 2006, and Section 1(1) of the Criminal Law Act 1977; and

Barclays has also been cleared of charges against each of one offence of unlawful financial assistance contrary to section 151(1) of the Companies Act 1985 in relation to a USD 3 billion loan provided to the State of Qatar in November 2008.

The SFO is likely to seek to re-instate these charges by applying to a High Court Judge to re-commence proceedings via a new indictment of the same charges.

As previously disclosed‎, the FCA issued warning notices in connection with its investigation into the advisory services agreements and the United States Department of Justice and the US Securities and Exchange Commission have also been conducting investigations relating to these same agreements. The FCA’s investigation in relation to the advisory services agreements has been stayed due to the SFO proceedings.

Other authorities have also been kept informed of developments in these matters. In addition, as previously disclosed, a civil claim has been served on Barclays Bank PLC by PCP Capital Partners LLP and PCP International Finance Limited in relation to the November 2008 capital raising, which Barclays Bank PLC is defending.