Barclays’ dealings with Qatar probed by UK’s SFO

May 13, 2014 9:45 am


The UK’s Serious Fraud Office is set to question senior members of former management of British bank Barclays over alleged corrupt arrangements in Qatar as part of the bank’s emergency cash call in 2008, The Financial Times has reported. The Financial Conduct Authority had said it wants to impose a £50m fine on the bank for failing to disclose £322m in fees paid to Qatar Holding, the Gulf country’s sovereign wealth fund that invested £4.6bn in the bank in 2008. This brings the total of disclosed fees and commissions paid to investors in the Gulf state in 2008 to £450m, or over 7% of the capital invested.

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