UK steps up charges against Barclays over Qatar financing

Monday's move raises the stakes as it could threaten Barclays' global operations.

12 February 2018 | 13:38

Source: Associated Press

  • Source: Associated Press
  • Last update: 12 February 2018 | 13:38

This photo shows the logo of Barclays. (AFP Photo)

LONDON: British prosecutors have brought another charge against Barclays over its 2008 deal to give Qatar a loan that was then used to invest in the bank and save it from a government bailout.

The Serious Fraud Office on Monday charged Barclays' operating unit with unlawful financial assistance for giving the $3 billion loan to Qatar Holding LLC in 2008 "for the purpose of directly or indirectly acquiring shares in Barclays Plc."

The agency had already charged the Barclays parent company and four executives with conspiracy to commit fraud and providing unlawful financial assistance after an investigation into the Qatar fundraising. Monday's move raises the stakes as it could threaten Barclays' global operations.

Barclays has said it "does not expect there to be an impact on its ability to serve its customers."

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