Barclays close to settling with the Serious Fraud Office over ‘bribes to Qatar’ claims
![barclays-logo-3](https://www.onestopbrokers.com/wp-content/uploads/2014/06/barclays3.jpg)
Barclays is moving closer to striking a deal with Britain’s fraud squad to settle allegations it paid bribes to Qatar to secure a bailout during the financial crisis, writes Peter Campbell.
The Serious Fraud Office wrote to the scandal-dogged lender earlier this month as part of an effort to bring its three year investigation into the bank to an end.
Barclays (up 2.3p at 283.15p) avoided a state bailout during the crash, unlike peers RBS and Lloyds, because it received £12billion from Qatar and Abu Dhabi.
At the time Barclays revealed that it paid £116million to advisory firm Qatar Holdings.
But it subsequently emerged that it had also paid £322million to another Qatari advisory firm.
The SFO launched a bribery investigation three years ago.
Now the SFO has begun a process that could lead to a Deferred Prosecution Agreement (DPA), which would see Barclays accept guilt and pay a fine in return for having a potential prosecution delayed.
Under the deal it would also agree not to break any major rules for a period of time, or risk a full criminal case.
In a statement that did not fully deny the reports that it was moving towards a deal, a spokesman for Barclays said: ‘We are not in a position to comment on an ongoing legal matter, save to clarify that there has been no offer made of a DPA.’
The SFO refused to comment. Director David Green has previously said DPAs are ‘a welcome addition to the prosecutor’s tool kit’.
Source: ThisIsMoney – Barclays close to settling with the Serious Fraud Office over ‘bribes to Qatar’ claims
Related Posts
Tesco and Serious Fraud Office near to deal over accounting scandal
SFO to press Barclays over £7bn fundraising in private hearing
Ex-Barclays chief to be quizzed by fraud office over alleged bribes
UK hands fraud agency all funds needed for forex probe
Bank of Scotland is most complained-about bank, watchdog reveals