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United Kingdom fraud prosecutor charges Barclays over $3 billion Qatar loan

United Kingdom fraud prosecutor charges Barclays over $3 billion Qatar loan

Britain's Serious Fraud Office on Monday charged a unit of Barclays over alleged fraud linked to emergency fundraising from Qatar during the financial crisis a decade ago, the bank said.

Barclays Bank has now been charged with the same offence.

The same charges were bought against Barclays PLC in June previous year.

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The announcement follows a decision by the SFO in June past year to charge Barclays PLC, or the unit's parent group, over the same alleged offence.

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The SFO said on Monday that a date for the first court appearance in relation to the charge against Barclays Bank will be "set in due course".

It extends a charge brought against the parent firm for "unlawful financial assistance" last July.

In 2008, to avoid a government bailout, Barclays took a £12bn loan from Qatar Holdings, which is owned by the state of Qatar.

Barclays is the U.K.'s second-biggest bank by assets: the potential for chaos and disruption for its customers and the wider financial system caused by taking its license is significant, to say the least. The deal included an arrangement for £2.3bn to be loaned back to Qatar Holdings.

"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a effect of the charge having been brought", the company said in a statement. In addition to a corporate charge, the SFO is prosecuting four of Barclays' then senior executives, including former boss John Varley.


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