Barclays Shares Rise as Fraud Charges Dismissed
May 21 2018 - 7:00AM
Dow Jones News
By Oliver Griffin
Shares in Barclays PLC (BARC.LN) rose after it said that charges
leveled against it by the U.K.'s Serious Fraud Office regarding
matters concerning the bank's capital raising in 2008, have been
dismissed by the Crown Court.
In June last year, the Serious Fraud Office filed criminal
charges against Barclays and four former top executives for their
handling of Middle Eastern investments that helped save the bank at
the height of the financial crisis.
The bank said Monday that two charges against Barclays, for
conspiring with former senior officers and employees of the company
to commit fraud by false representations, relating to advisory
services agreements entered into with Qatar Holding LLC in 2008,
were dismissed.
Other charges against Barclays and Barclays Bank PLC--its
investment bank business--for unlawful financial assistance
regarding a $3 billion loan to Qatar in November 2008 were also
dismissed, the bank said.
The bank said that the Serious Fraud Office is likely to try and
re-instate the charges by applying to a High Court judge to
re-commence proceedings via a new indictment.
Shares at 1024 GMT were up 1%, or 2.15 pence, at 209.65 pence
per share.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
May 21, 2018 06:45 ET (10:45 GMT)
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