barclays faces new probe into qatar loans reports

Added 1st February 2013

Authorities in the UK are probing allegations that Barclays Bank made a loan to the Qatar Investment Authority for it to invest in the bank at the height of the 2008 financial crisis in order to avoid a government bailout, according to a report in the Financial Times.

barclays faces new probe into qatar loans reports

In a story published this morning, the FT said two sources “familiar with the situation” independently informed it of the investigation into the alleged loan.

As previously reported, it is already known that Barclays is under investigation by the Serious Fraud Office and Financial Services Authority over fees it paid to the QIA in 2008 were adequately reported. These latest revelations however were not previously known.

According to the FT, if true, such an arrangement could contravene market regulations. The newspaper quotes Peter Hahn, a former banker at Citi now at Cass Business School as saying: “The concept of lending money to any investor to purchase your own shares raises a series of immediate questions about disclosure and other regulatory issues.”
 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

International Adviser is aimed at global intermediaries who advise their HNW clients on International fund, life and banking products and tax efficient solutions to their cross-border needs

Editor's Pick

Ex-Julius Baer ‘whistleblower’ cleared of secrecy law breaches
Ex-Julius Baer ‘whistleblower’...

A former Julius Baer banker accused of passing sensitive...

Quilter Cheviot plans active role in industry consolidation
Quilter Cheviot plans...

Having Old Mutual as its parent provides London-headquartered...

UK IFA ordered to pay client over Arch cru pension transfer
UK IFA ordered to pay...

UK-based IFA firm Tenet must compensate a client for...

Promoted Content

OTHER STORIES FROM LAST WORD...