Barclays plans to plead guilty to U.K. charges that it failed to make proper disclosures about a multi-billion-pound capital raising from Qatar during the financial crisis, according to a person with knowledge of the process.
Bloomberg News reports that the bank is braced for a fine, which would likely range from 100 million pounds ($128 million) to 200 million pounds, said the person, who asked not to be identified speaking about the investigation.
The fine will be set by a judge under sentencing guidelines. The charge will be leveled against the bank’s holding company, the person said.
The Serious Fraud Office, which has been investigating the case for five years, is expected to announce its decision on charges against the bank and several former executives involved in the Qatari deals in the coming days. The British bank isn’t expecting any other charges beyond the disclosure failures, the person said.
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