This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-19415629
The article has changed 6 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| 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. |
| Investors will be closely watching Barclays share price when the London stock market reopens for trade on Thursday morning. Its shares had closed down by 1.38% at 186.35 pence on Wednesday. | |
| Semi-nationalised | 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. | 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. |
| The bank raised some £2bn from Qatar Holding in 2008. | |
| Funds raised from investors in Qatar and Abu Dhabi that year allowed Barclays to avoid being semi-nationalised along with Royal Bank of Scotland and Lloyds. | |
| In July, the Financial Services Authority said it was investigating both the bank and four current and former senior employees, including finance director Chris Lucas. | In July, the Financial Services Authority said it was investigating both the bank and four current and former senior employees, including finance director Chris Lucas. |
| Resignation | Resignation |
| Barclays is currently experiencing one of the most stormy times in its recent history. | 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. | 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. | 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. | Barclays has also been caught up in another investigation, relating to the mis-selling of complex financial products - interest rate swaps - to small businesses. |