Qatari charges against Barclays dismissed

Charges against Barclays linked to its emergency fundraising from Qatar during the financial crisis were dismissed yesterday by Southwark Crown Court.

The Serious Fraud Office (SFO) had charged the bank with two offences of conspiring to commit fraud by false representations regarding advisory services agreements with Qatar Holding in 2008.

The court also dismissed one charge of unlawful financial assistance in relation to a $3bn (£2.4bn) loan provided by Barclays to the State of Qatar the same year.

Barclays said yesterday: “Barclays announces that the Crown Court has today dismissed all charges brought by the Serious Fraud Office against Barclays plc and Barclays Bank plc regarding matters which arose in the context of Barclays’ capital raisings in 2008.”

But the lender cautioned that the SFO is likely to seek to reinstate these charges by applying to a High Court Judge to recommence proceedings via a new indictment of the same charges. Last year, the SFO brought charges of conspiracy to commit fraud against the bank itself, ex-chief executive John Varley and other top executives Roger Jenkins, Thomas Kalaris and Richard Boath after a five-year probe into events surrounding the Qatari fundraising meant to avoid a UK taxpayer bailout.

They were the first UK criminal charges to be brought against a bank and former executives for activities during the crash. Qatari investors pumped £6bn into Barclays during two fundraisings in 2008. 0 John Varley, former boss of banking giant Barclays