Barclays Bank charged over Qatar loans

Barclays Bank Announces Profits

Barclays has already had been hit with other charges relating to the case

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

Barclays former chief executive John Varley and ex-executives Roger Jenkins, Thomas Kalaris, and Richard Boath have all been charged with conspiracy to commit fraud over a June 2008 bid to raise capital. The holding company has also been charged with providing unlawful assistance to Qatar.

It follows charges against the bank's holding company and four executives in June previous year related to the same deal.

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"The defences to this offence are quite narrow and the SFO may believe that the bank will struggle to identify and prove a good faith objective", he said. Barclays does not expect there to be an impact on its ability to serve its customers and clients as a outcome of the Charge having been brought.

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.

It marked the first criminal charges to be brought in the United Kingdom against a bank and its former executives for activities during the financial crisis.

Barclays and Barclays Bank say they intend to defend themselves against the charges.

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