Serious Fraud Office charges against Barclays dismissed by crown court

The SFO is likely to apply to a different court to have the charges reinstated, Barclays said

The charges related to a loan made by the bank to Qatar at the height of the financial crisis (Reuters)

A court has dismissed charges brought by the Serious Fraud Office against Barclays relating to capital raisings that took place in 2008.

The case concerns a loan of more than $3bn (£2.2bn) the bank provided to Qatar in 2008. The SFO alleges that Barclays committed fraud as it believes that loan is linked to a £12bn loan the bank accepted from Qatar Holdings, a state-owned investment company, which it used to avoid having to be bailed out by the government during the financial crisis.

The Crown Court has dismissed two charges against Barclays plc of conspiring with certain former senior officers and employees of Barclays to commit fraud, by false representations relating to two advisory services agreements entered into with Qatar Holding.

Charges of unlawful financial assistance against both Barclays plc and Barclays Bank plc were also dismissed.

However, the SFO is likely to make an application to a High Court judge to reinstate the charges.

Barclays boss Jes Staley was recently fined more than £600,000 by financial regulators for his attempts to uncover the identity of a whistleblower at the bank. Mr Staley tried to find out who wrote two anonymous letters raising concerns about a senior bank employee, which were sent to the bank’s board and a senior executive in June 2016.

The FCA’s Mark Steward said when the fine was handed down in May: “Given the crucial role of the chief executive, the standard of due skill, care and diligence is more demanding than for other employees.

“Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistleblowing procedures. Chief executives must act with a high degree of care and prudence at all times.”