U.K. Prosecutors Seek to Reinstate Barclays-Qatar Fraud Charges
(Bloomberg) -- U.K. prosecutors will begin proceedings to reinstate fraud charges against Barclays Plc relating to its 12 billion-pound ($15.7 billion) fundraising with Qatar during the 2008 financial crisis.
Starting Monday, the High Court in London will hear four days of arguments on whether the Serious Fraud Office has a valid indictment against both the bank’s holding and operating companies. It is unclear when judgment will be handed down.
The British prosecutor on Monday will ask the High Court to reinstate all of the charges against both companies that a lower court had dismissed in May. Judges dismissed two charges of “conspiring with certain former senior officers and employees of Barclays to commit fraud,” Barclays said in May. The court also tossed out two charges of unlawful financial assistance, one against the bank and another against its holding company, in relation to a $3 billion loan provided to Qatar at the time.
Four former executives from the bank are also facing prosecution over the Qatar deal that allowed Barclays to avoid a state bailout during the financial crisis. At the heart of the case are two advisory services agreements with Qatar Holding LLC totaling 322 million pounds, the nature of which are now being questioned.
The trial against the individuals is due to begin in January.
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