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Prosecuting on principle

Bill Coffin | July 3, 2017

This week, Compliance Week writer Neil Hodge wrote an article about how the U.K. Serious Fraud Office was going ahead with a fraud case against Barclay's for a shady financing deal it made with Qatar during the 2008-2009 financial crisis. Rather than seek a government bailout, Barclay's secured a massive loan from Qatar instead, but in so doing, it never disclosed it fully to investors, giving a false idea of the bank's overall financial health. And there was also the matter of a large loan back to some of its Qatari creditors, made on terms that simply were not within the limits of U.K. financial law. Bottom line? Barclay's committed a major foul, and the Financial Conduct Authority spent a long time looking at it, deciding how to proceed. Eventually, it handed that baton over to the Serious Fraud Office once it became clear that in the eyes of Her Majesty’s government, this wasn’t a case of a company coloring a little bit outside of the lines. This was a conspiracy to commit... To get the full story, subscribe now.