Barclays Bank charged for £12bn Qatari loans

Barclays Bank charged for £12bn Qatari loans

Barclays Bank charged for £12bn Qatari loans

"The charges relate to financial assistance Barclays Bank Plc gave to Qatar Holding LLC between 1 October and 30 November 2008, which was in the form of a $3 billion loan for the goal of directly or indirectly acquiring shares in Barclays Plc", the SFO said in a statement on Monday.

Last June the SFO charged Barclays' holding company and four former senior executives with conspiracy to commit fraud.

Both Barclays and its bank unit said they will defend themselves against the charges.

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So, if Barclays was found guilty, it could lose that crucial licence.

In order to avoid asking the United Kingdom government for a taxpayer bailout, Barclays raised nearly £12bn from investors in the Middle East, including the Qatari state sovereign wealth fund, to help it weather the storm.

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The announcement follows a decision by the SFO in June a year ago to charge Barclays PLC, or the unit's parent group, over the same alleged offence.

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

Charging the operating entity may be important in demonstrating the case: it, not the holding company, made the loan at the center of the case.

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"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a outcome of the charge having been brought", the company said in a statement. The SFO opened an investigation into the deal in 2012 and has since charged several former executives and Barclays Plc over the fundraising.

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