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Deal queen set to sue Barclays over Abu Dhabi funding Deal queen set to sue Barclays over Qatar fees
(about 13 hours later)
The deal maker Amanda Staveley is taking steps to sue Barclays for its role in the £3.5bn fundraising from Abu Dhabi in which she acted as an adviser. The deal is now the subject of a bribery investigation by the Financial Conduct Authority and the Serious Fraud Office. The deal maker, Amanda Staveley, is taking steps to sue Barclays for its role in raising £3.5 billion from Qatar as part of the total of £7 billion deal from Middle Eastern investors to bail out the troubled bank.
Ms Staveley brokered the deal in 2008 and the money raised helped keep Barclays out of a UK taxpayer bailout. But the FCA later criticised Barclays for paying a £320m fee to a third party in Qatar to secure the cash. Ms Staveley acted for Abu Dhabi, which provided the remaining £3.5bn to help keep Barclays out of a UK taxpayer bailout in 2008.
But the Qatari side of the deal is now the subject of an investigation by the Serious Fraud Office into a £322m fee Barclays allegedly paid to a third party in Qatar to secure its investment.
"The whole thing has been a nightmare," she told Porter magazine. "Especially when you feel like you've done an exceptional deal. The last thing I thought was that Barclays would pay Qatar an additional sum of money. Instead of calling it a fee, they said that Qatar was advising them. But Qatar has done nothing wrong – the FCA is investigating Barclays; not Qatar or me. The matter is in the hands of our lawyers and we have appointed a QC to represent us in litigation against the bank.'""The whole thing has been a nightmare," she told Porter magazine. "Especially when you feel like you've done an exceptional deal. The last thing I thought was that Barclays would pay Qatar an additional sum of money. Instead of calling it a fee, they said that Qatar was advising them. But Qatar has done nothing wrong – the FCA is investigating Barclays; not Qatar or me. The matter is in the hands of our lawyers and we have appointed a QC to represent us in litigation against the bank.'"
The FCA said it is minded to fine Barclays £50m over the affair and the SFO is investigating.The FCA said it is minded to fine Barclays £50m over the affair and the SFO is investigating.
Now a multimillionaire, Ms Staveley also told of how she had once been homeless, sleeping "in the doorway of a bank in the City of London" for a night when a deal went wrong, leaving her penniless. Cambridge and boarding school educated, she had been too proud to ask her landowner father for help.Now a multimillionaire, Ms Staveley also told of how she had once been homeless, sleeping "in the doorway of a bank in the City of London" for a night when a deal went wrong, leaving her penniless. Cambridge and boarding school educated, she had been too proud to ask her landowner father for help.
She recalled from her childhood: "My father was very clear: I was from an old Yorkshire family and Yorkshire families stay together and the inheritance goes from father to son, and that could never change. So I knew I had to make it on my own."She recalled from her childhood: "My father was very clear: I was from an old Yorkshire family and Yorkshire families stay together and the inheritance goes from father to son, and that could never change. So I knew I had to make it on my own."
She suffered through university with a melancholy that had persisted from childhood, resulting in her being admitted to hospital with anorexia: "It was a dismal, dismal time."She suffered through university with a melancholy that had persisted from childhood, resulting in her being admitted to hospital with anorexia: "It was a dismal, dismal time."
Ms Staveley also revealed that businessmen had offered her "a lot of money" to become their lover, saying: "But I couldn't go through with it. I cried my eyes out because I couldn't do it. It must be the most horrific thing in the world to sell your body."Ms Staveley also revealed that businessmen had offered her "a lot of money" to become their lover, saying: "But I couldn't go through with it. I cried my eyes out because I couldn't do it. It must be the most horrific thing in the world to sell your body."