Bank to fight watchdog’s Qatari claims

Tim Wallace
Follow Tim
BARCLAYS yesterday vowed to fight the Financial Conduct Authority’s findings after the City watchdog investigated claims of wrongdoing in the bank’s 2008 fundraising round.
The bank’s announcement comes as the Treasury is considering giving another £2m to the Serious Fraud Office to further investigate the case.
The lender raised £5.3bn from the Middle Eastern investors, helping it stay afloat in the financial crisis. The investment saw Qatar Holdings take a 6.7 per cent stake in the bank.
The authorities are investigating claims Barclays helped finance the group before it invested in the bank.
The only senior member of staff remaining who was in post in 2008 is outgoing finance director Chris Lucas, who is involved in the probe.
Neither the bank nor the regulator have revealed the initial findings of the investigation, and neither will comment on the ongoing process.
Barclays also noted the US Department of Justice is still investigating the ways in which the bank wins clients.
“Barclays is co-operating with all the authorities fully. It is not possible to estimate the financial impact upon Barclays should any adverse findings be made,” the bank said.