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Barclays hit by new Qatar allegations Barclays hit by new Qatar allegations
(about 2 hours later)
Barclays is under investigation by the UK authorities following allegations that it engineered its rescue during the financial crisis with a series of suspicious loans, according to the Financial Times.Barclays is under investigation by the UK authorities following allegations that it engineered its rescue during the financial crisis with a series of suspicious loans, according to the Financial Times.
The newspaper said that the Serious Fraud Office and the main City regulator are looking at whether Barclays lent Qatar money to invest in the bank ahead of its battle to stay independent and resist taking government cash. The newspaper said that the Serious Fraud Office and the main City regulator are looking at whether Barclays lent Qatar money to invest in the bank, ahead of its battle to stay independent and resist taking government cash.
A loan to Qatar, in effect underwriting the Middle Eastern state's later investment, would have undermined the security of that investment and been ruled out by the regulator.A loan to Qatar, in effect underwriting the Middle Eastern state's later investment, would have undermined the security of that investment and been ruled out by the regulator.
None of the parties involved in the investigation would comment on the news, which heaps further embarrassment on Barclays boss Anthony Jenkins at a time when he is trying to clean up the bank's image following a run of scandals. None of the parties involved in the investigation would comment on the news, which heaps further embarrassment on Barclays boss Anthony Jenkins at a time when he is trying to clean up the bank's image, following a run of scandals.
The SFO is already reviewing the methods used by Barclays to prevent its collapse in 2008. The latest allegations are understood to be an extra line of inquiry.The SFO is already reviewing the methods used by Barclays to prevent its collapse in 2008. The latest allegations are understood to be an extra line of inquiry.
The FT said that Chris Lucas, the finance director, is among four executives being investigated as part of the ongoing review.The FT said that Chris Lucas, the finance director, is among four executives being investigated as part of the ongoing review.
Barclays, like several UK and US banks, sought funds from the Middle East at the height of the credit crunch.Barclays, like several UK and US banks, sought funds from the Middle East at the height of the credit crunch.
It was understood at the time that Qatar Holding, a subsidiary of the Qatar investment Authority and another Qatari fund, had invested more than £6bn in the bank at their own risk. The allegation centres on whether Barclays backed the investment in its own shares with loans that it was not in a position to make. It was understood at the time that Qatar Holding, a subsidiary of the Qatar investment Authority and another Qatari fund, had invested more than £6bn in the bank at their own risk. The allegation centres on whether Barclays backed the investment in its own shares with loans it was not in a position to make.