Prince Andrew’s ex Staveley set to sue Barclays for £1.6bn
HOTSHOT City dealmaker Amanda Staveley will sue Barclays for £1.6 billion this summer over the bank’s emergency fundraising with Abu Dhabi investors at the height of the financial crisis.
The legal action is due to start in June after a separate criminal case against Barclays’ former executives has concluded, according to details buried in the bank’s annual report. It is thought that the case will last eight weeks. Staveley, who once dated Prince Andrew, brokered a £3.5 billion investment by Abu Dhabi’s Sheikh Mansour into Barclays in 2008.
Her company is estimated to have made about £40million from the deal. Investors from Qatar also took part in the fundraising, which raised a total of £7billion for the bank.
Staveley, 46, from Yorkshire, will argue that her investment firm PCP Capital Partners is entitled to the same fees paid by the bank to the Qatar investors, who received £322 million.
Barclays has stated that her claim is now worth £1.6billion due to interest and charges.
Staveley’s case has been postponed so that it does not prejudice the verdict of the jury in the ongoing case brought by the Serious Fraud Office.