UK court drops charges against Barclays in Qatar fundraising
Legal Compliance
A court has dismissed charges against Barclays relating to its emergency fundraising from Qatar at the height of the financial crisis.
The Serious Fraud Office had accused Barclays over a 2008 deal to give to Qatar Holding LLC a $3 billion loan that was then used to invest in the bank, saving it from a government bailout. Prosecutors had also accused Barclays' operating unit with unlawful financial assistance "for the purpose of directly or indirectly acquiring shares in Barclays Plc."
Southwark Crown Court in London dismissed all of the charges on Monday. However, Barclays warned in a statement to the markets that the fraud office is likely to seek to reinstate the charges. Individuals still face charges, as Monday's dismissal only refers to Barclays as a corporate entity.
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