Economy

Barclays PLC Further Charge by Serious Fraud Office

Barclays PLC Further Charge by Serious Fraud Office”

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The Serious Fraud Office charged Barclays Bank PLC with unlawful financial assistance on Monday over a $3 billion loan it made to Qatar in 2008, adding to the same charges brought in 2017 against the banking unit's financial services parent company, Barclays PLC.

It extends a charge brought against the parent firm for "unlawful financial assistance" last July.

The Bank's parent company, Barclays PLC, and several of the firm's former top executives were charged in connection with the same loan in June a year ago, but the SFO has now chose to extend the charges to the Bank itself. Barclays Bank has now been charged with the same offence.

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

The fund-raising deal allowed the banking group - the world's 15th largest by assets - to avoid the fate of Lloyds Banking Group and the Royal Bank of Scotland which were both bailed out by the government and were part-nationalised.

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.

Former chief executive John Varley, former senior investment banker Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays' wealth division, and Richard Boath, the ex-European head of financial institutions, were all charged in relation to that investigation.

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