Barclays Bank Charged over Qatar Loans

(From Bloomberg)

Barclays Plc’s operating unit faces a new criminal charge in relation to the lender’s controversial 12 billion-pound ($16.6 billion) fundraising at the height of the financial crisis a decade ago.

The accusation of “unlawful financial assistance” against Barclays Bank Plc relates to a $3 billion loan Barclays secured for Qatar in November 2008, the lender said in a statement Monday. The Serious Fraud Office had already filed conspiracy to commit fraud and unlawful financial assistance charges against the holding company and four former executives, including ex-Chief Executive Officer John Varley, in June and a trial is scheduled for early 2019.

Any charges sustained against the operating unit could hurt the lender’s ability to do business globally. Regulatory approvals and banking licenses are usually tied to banks’ operating units.

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