Serious Fraud Office
Barclays PLC and Barclays Bank PLC
As Barclays have reported in their Regulatory News Service announcement, the High Court recently ruled against the SFO’s application, seeking to reinstate the charges previously dismissed in the Crown Court.
The SFO believes it was right to bring this to the High Court.
The trial of the individuals in this case will take place on 9 January 2019.
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.
Notes to editors:
- In August 2012 the SFO opened a criminal investigation into Barclays and its capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008. The investigation also centred on a US$3 billion loan facility made available from Barclays to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.
- Barclays PLC and four individuals were charged on 20 June 2017 with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985. On 12 February, Barclays Bank Plc was also charged with unlawful financial assistance contrary to s151(1) and (3) of the Companies Act 1985.
- On 21 May 2018 the charges against the corporates (Barclays Plc and Barclays Bank Plc) were dismissed by the Crown Court.
- On 23 July 2018 the SFO made an application to the High Court to re-instate the charges dismissed by the Crown Court.
- Lisa Osofsky recused herself from this case upon being appointed Director due to prior private sector work. To avoid any potential conflict she delegated supervision of the case to General Counsel Alun Milford.
- Reporting Restrictions are in place and the strict liability rule of the Contempt of Court Act applies.
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