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Barclays faces SFO investigation | Barclays faces SFO investigation |
(35 minutes later) | |
Barclays says the UK's Serious Fraud Office has "commenced an investigation" into payments between the bank and Qatar Holding LLC, part of sovereign wealth fund Qatar Investment Authority. | Barclays says the UK's Serious Fraud Office has "commenced an investigation" into payments between the bank and Qatar Holding LLC, part of sovereign wealth fund Qatar Investment Authority. |
The probe relates to 2008 when Barclays was raising money from Middle East investors during the banking crisis. | The probe relates to 2008 when Barclays was raising money from Middle East investors during the banking crisis. |
The Financial Services Authority had said in July it was looking at issues around Barclays' deal with the Qataris. | The Financial Services Authority had said in July it was looking at issues around Barclays' deal with the Qataris. |
Separately, in June Barclays was fined £290m for rigging Libor interest rates. | Separately, in June Barclays was fined £290m for rigging Libor interest rates. |
Semi-nationalised | |
Neither Barclays or the SFO would release further details of the investigation. | Neither Barclays or the SFO would release further details of the investigation. |
But it is understood that after the FSA investigation was begun in July, information was made available to the SFO and it has now opened a formal investigation. | |
Barclays has not revealed which payments between it and Qatar are being investigated by the SFO. | Barclays has not revealed which payments between it and Qatar are being investigated by the SFO. |
Funds raised from investors in Qatar in 2008 allowed Barclays to avoid being semi-nationalised along with Royal Bank of Scotland and Lloyds. | Funds raised from investors in Qatar in 2008 allowed Barclays to avoid being semi-nationalised along with Royal Bank of Scotland and Lloyds. |
The Financial Services Authority said in July it was investigating both the bank and four current and former senior employees, including finance director Chris Lucas. | The Financial Services Authority said in July it was investigating both the bank and four current and former senior employees, including finance director Chris Lucas. |
Resignation | |
Barclays is currently experiencing one of the most stormy times in its recent history. | |
It was fined £290m by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans. | |
Chief executive Bob Diamond resigned in the wake of the affair. | |
Barclays has also been caught up in another investigation, relating to the mis-selling of complex financial products - interest rate swaps - to small businesses. |