Page 65 - Bank Case Studies
P. 65
Qatari Loan
In June 2017 the Serious Fraud Office charged
Barclays Bank with fraud and unlawful financial
assistance, over its dealings with Qatari
investors, including former prime minister
Sheikh Hamad bin Jassim bin Jabr al-Thani when
Britain’s banking system was on the verge of
collapse and it received a total of £11.8bn in June and October of
2008 in a bid to avoid a government bail-out.
In addition, John Varley, former chief executive who stood down in
2011; and three other ex-directors were charged with conspiracy to
commit fraud. Thus, becoming the first British bankers to face
criminal charges for actions taken during the financial crisis when
Barclays were by the Financial Conduct Authority (FCA) and US
regulators alleging making £322m in secret payments, called
“advisory services agreements” (ASAs), aimed at securing Qatari
investors’ support to avoid nationalisation. Barclays said the ASAs
were payments for advice.
