Regulators charge UK bank over $3 billion loan to Qatar


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UK regulators have laid charges against one of the country’s biggest banks over a $3 billion loan given to Qatar at the height of the 2008 banking crisis.

The Serious Fraud Office (SFO) alleges that Barclays lent the money to Qatar in October 2008 so that the middle eastern state could purchase shares in the bank itself, breaching financial assistance regulations.

The loan was arranged at the peak of the banking crisis that saw the UK government forced to bail out several of its major banks, including HBOS and Lloyds TSB. The global crisis caused new banking regulations to be introduced in Europe and the U.S.

The SFO began investigating Barclays’ financial arrangements with Qatar in 2012. It charged the bank’s holding company and four executives with conspiracy to commit fraud by false representation in June 2017.

This is an emerging story which needs expansion. If you wish you may EDIT to add information or discuss it in TALK.

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