Barclays faces trial over $3 billion Qatar loan

Barclays HQ

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

When the charges were announced a year ago, the SFO had still to take a decision on whether to charge Barclays Bank PLC, the main operating unit, but has pushed ahead this month.

Barclays Bank PLC has been charged by the Serious Fraud Office over a $3 billion loan it made to Qatar as it raised funds in the financial crisis.

Barclays Bank has been charged by the Serious Fraud Office (SFO) with "unlawful financial assistance" in relation to billions of pounds in emergency loans from Qatar in 2008.

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The SFO declined to comment on the timing of the charges, but authorities can only file charges if the evidence is sufficient for a â€realistic prospect of conviction” and if such a prosecution is in the public interest. They were also charged with conspiracy to commit fraud.

The new charges are in addition to those already levied against Barclays Plc.

The move to charge Barclays Bank as well is significant because it holds the banking licence that allows it to operate in different countries.

"However, it is negative that the group hasn't been able to settle a number of outstanding litigation issues, with outstanding litigation representing an unhelpful distraction to the management of the core franchise", the broker pointed out in a note to clients.

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