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United Kingdom presses fraud charges against Barclays over Qatar loan

12 February 2018

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Those charges included one offence of unlawful financial assistance contrary to section 151 (1) of the Companies Act 1985 in respect of a Dollars 3 billion loan provided to the State of Qatar in November 2008 (the "Loan"). The Bank of England, which is in charge of financial stability, didn't reply to questions about how it would handle such an event.

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The move comes after the SFO charged Barclays' holding company over the fundraising last June. Barclays does not expect there to be an impact on its ability to serve its customers and clients as a effect of the Charge having been brought.

Barclays pulled off a huge fundraising package to avoid the need for a Government rescue but the Qatari part of the deal, through a loan to its Ministry of Economy and Finance, has been mired in controversy.

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The trial of Barclays PLC and four former top executives on a separate charge of conspiracy to commit fraud by false representation when they negotiated a capital injection for the bank from Qatar, is due to start next January.

The charges centre on investments secured from Qatari investors in 2008 as the banking sector went into meltdown.

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That included a 3 billion USA dollar (£2.2 billion) loan made to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.

United Kingdom presses fraud charges against Barclays over Qatar loan