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Serious Fraud Office to investigate Barclays

Serious Fraud Office to investigate Barclays

Category: Investments

Updated: 30/08/2012
First Published: 30/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Scandal has reared its ugly head again at Barclays, as the Serious Fraud Office (SFO) confirms it will be investigating the bank's dealings with a Qatari investment house.

The investigation is linked to a period in 2008, during which Barclays was raising funds from investors in the Middle East to avoid resorting to a Government bail out.

Full details of the 'payments under certain commercial agreements' made have not been released, although it is thought that Barclays raised around £2 billion as a result of investments from Qatar Holding, part of sovereign wealth fund Qatar Investment Authority.

The Financial Services Authority (FSA) launched an investigation into the fundraising in July and provided the SFO with information gathered from Barclays. It is thought that the FSA investigation will now run alongside that of the SFO.

In a brief statement, Barclays stated: "Barclays confirms that the Serious Fraud Office has commenced an investigation into payments under certain commercial agreements between Barclays and Qatar Holding LLC."

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