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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
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Share Price: 204.00
Bid: 203.10
Ask: 203.30
Change: 12.86 (6.73%)
Spread: 0.20 (0.098%)
Open: 195.96
High: 206.70
Low: 194.00
Prev. Close: 191.14
BARC Live PriceLast checked at -

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SFO applies to reinstate charges against Barclays

Tue, 24th Jul 2018 10:43

(Sharecast News) - The Serious Fraud Office has applied to the High Court to restore charges against Barclays that were thrown out in May. The Crown Court on 21 May dismissed charges brought by the SFO linked to Barclays' emergency fundraising in 2008. When the case was rejected Barclays said it expected the SFO to try to have the charges reinstated.In an announcement alerting investors to the SFO's move the bank said: "On 23 July 2018 the SFO made an application to the High Court seeking to reinstate against Barclays plc and Barclays Bank plc all of the charges dismissed by the Crown Court. Barclays intends to defend the application brought by the SFO."Barclays' core banking business, Barclays Bank Plc, was charged by the SFO in February, after parent holding company Barclays Plc and four former executives were hit with charges last June. The charges of conspiracy to commit fraud relate to the emergency cash injection secured from Qatar in 2008, including an offence of unlawful financial assistance in relation to the $3bn loan provided Qatar in November 2008.Barclays raised money from Qatar and other investors to avoid the government's bail-out of the banking sector which gave taxpayers controlling stakes in Royal Bank of Scotland and Lloyds Banking Group.The SFO claimed Barclays loaned back funds to the state of Qatar just weeks after announcing the fundraising deal and that the loan was the same amount as the debt component of the Qatar Holding's investment. Under the Companies Act 1985, it is unlawful for a bank to lend itself money - the legal term for which is financial assistance. Barclays has consistently rejected the charges.The anti-fraud agency also brought charges against John Varley, Barclays' chief executive at the time of the fundraising, and three other former top managers from its investment bank and wealth management divisions.
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