SFO to announce significant developments in Barclays-Qatar case

Barclays Eagle

U.K. fraud prosecutors’ will announce significant developments next year in a probe into fees paid by Barclays to Qatar’s sovereign-wealth fund for a 2008 fundraising that helped the bank avoid a bailout.

Bloomberg reports that David Green, director of the U.K. Serious Fraud Office, said in an interview that the agency would progress its year-old investigation in early 2014. He also said there would be new information in a separate probe into rigging of benchmark interest rates in 'due course'.

The Barclays probe centres on fees paid by the London-based bank to the Qatar Investment Authority as part of a $11.26bn fundraising during the financial crisis, a move that helped the lender avoid taking government money.

The U.K. markets regulator, the Financial Conduct Authority, said last month in a warning notice that it is considering fining the bank just over $80m over the issue.

Four current and former Barclays employees, including former Chief Financial Officer Chris Lucas, are being investigated as part of the FCA probe. Lucas, who resigned from the bank in August, didn’t respond to an e-mail seeking comment.

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image: © Ricardo Ricote Rodríguez

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