29 Oct 2018
The High Court in London has dismissed an application to reinstate the Serious Fraud Office’s charges which sought to prosecute Barclays for alleged fraud surrounding its fundraising during the financial crisis.
The issue can be traced back to 2008 when Barclays took a £12bn loan from Qatar Holding, and in turn said it would loan £2.3bn back to the organisation, which is owned by the state of Qatar.
The SFO alleged there was “unlawful financial assistance” over the arrangement, and launched a case against Barclays.
In May, the Crown Court dismissed the charges against the bank, but the SFO pursued the case and applied to the High Court to reinstate the charges.
On Friday the High Court dismissed all the allegations against Barclays.
In a statement the SFO said it believed that “it was right to bring this to the High Court.”
It will also continue to pursue charges against individuals linked to the case.
It added that: “Reporting restrictions and the strict liability rule of the Contempt of Court Act apply to their cases. For that reason we cannot comment on the judge’s decisions.”
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