Serious Fraud Office charges Barclays over £2bn Qatar loan

Barclays faces trial over $3 billion Quatar loan

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The Serious Fraud Office already in June a year ago said that it had brought charges against parent company Barclays PLC in relation to a capital raising conducted by the bank back in 2008.

On 20 June 2017 Barclays Plc (LON:BARC) announced that the Serious Fraud Office ("SFO") had brought certain charges against Barclays PLC in relation to matters that arose in the context of Barclays' capital raisings in 2008.

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

The BBC notes that Barclays took a £12-billion loan from Qatar Holding, owned by the Gulf state, in 2008 to avoid a state-funded bailout and under the deal, loaned £2.3 billion back to Qatar Holding.

Qatar, which is a major investor in Britain with real estate and other assets, has not been accused of wrongdoing. The Bank of England, which is in charge of financial stability, didn't reply to questions about how it would handle such an event. They were also charged with conspiracy to commit fraud.

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The focus is now also on Barclays Bank, a move which is significant as it could impact on the banking licence for the company's operations in different countries.

Barclays faces other legal issues ahead, with regulators weighing up how to respond to attempts by Barclays Chief Executive Jes Staley to unmask a whistleblower.

Reuters quoted analysts at Keefe, Bruyette & Woods as saying that while it was unhelpful for Barclays that the SFO has added charges, it should not change the dynamics of the case materially.

Barclays' share price has advanced in today's session, having jumped 1.22 percent to 195.25p as of 09:22 GMT.

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