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In the Courts

By Colleen Snow
December 01, 2018

High Court Rules Against SFO in Barclays Appeal

In mid-2012, the UK's Serious Fraud Office (SFO) initiated a criminal investigation into Barclays PLC (Barclays) in relation to the company's October 2008 $3 billion loan to the State of Qatar. Barclays denied that the loan was connected to a Qatar investment that ultimately aided the company in dodging a government bailout.

In June 2017, the SFO charged the company, along with four individuals (former Chief Executive Officer of Barclays Plc; former Executive Chairman of Investment Banking and Investment Management in the Middle East and North Africa for Barclays Capital; former Chief Executive of Barclays Wealth and Investment Management; and former European Head of Financial Institutions Group for Barclays Capital) with conspiracy to commit fraud. Barclays Bank Plc was later charged with unlawful financial assistance. These charges against both Barclays Plc and Barclays Bank Plc were dismissed by the Crown Court in May 2018, after which the SFO sought an appeal with the High Court of England and Wales. On Oct 26, 2018, the High Court refused to reinstate the fraud charges.

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