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Barclays Bank charged over Qatar loans

Barclays Bank charged over Qatar loans

Business
The Serious Fraud Office (SFO) has charged Barclays Bank PLC with "unlawful financial assistance" related to billions of pounds raised from Qatar in 2008.The same charges were bought against Barclays PLC in June last year.The move to charge Barclays Bank as well is significant because it holds the banking licence that allows it to operate in different countries.So, if Barclays was found guilty, it could lose that crucial licence.In 2008, to avoid a government bailout, Barclays took a £12bn loan from Qatar Holdings, which is owned by the state of Qatar.Under that deal Barclays loaned £2.3bn back to Qatar Holdings.The SFO alleges that loan was used either directly, or indirectly, to buy shares in Barclays, which the SFO says is "unlawful financial assistance".In response, Barclays said: "Bar
Barclays charged with fraud in Qatar case

Barclays charged with fraud in Qatar case

Business
Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis.The Serious Fraud Office case relates to the billion of pounds the bank raised from Qatari investors enabling it to avoid a government bailout.Former chief executive John Varley is one of the four ex-staff who will face Westminster magistrates on 3 July.Barclays says it is considering its position and awaiting further details."The charges arise in the context of Barclays' capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO," the bank said in a statement.It is the first time criminal charges related to the financial crisis have been brought against a bank in the UK.Mr Varley, former senior investment banker Roger Jenkins, Thomas...