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SFO charges Barclays a second time over fraudulent $3B Qatar loan

Neil Hodge | February 20, 2018

The Serious Fraud Office (SFO) has charged Barclays for a second time over a U.S.$3bn loan the bank made to Qatar when Middle East investors bought shares in the bank to prop it up at the peak of the financial crisis.

The U.K. enforcement agency has extended its case so that Barclays Bank PLC, the lender’s operating company, now also faces a charge of providing “unlawful financial assistance” alongside Barclays’ holding company, Barclays PLC, which the SFO charged with the same offence last year.

In a statement issued on 12 February the SFO said that it was charging Barclays Bank with unlawful financial assistance contrary to Sections 151(1) and (3) of the Companies Act 1985.

The SFO added: “The charges relate to financial assistance Barclays Bank gave to Qatar Holding LLC between 1 October and 30 November 2008, which was in the form of a U.S.$3 billion loan for the...

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