The Serious Fraud Office (SFO) may be in a position to decide whether to prosecute former Barclays executives over alleged bribes to Qatari investors during the financial crisis as soon as the end of September.
The investigation into controversial fundraising in the Middle East has been going on for almost two years, but is now anticipated to draw to a close.
Bob Diamond former chief executive, former finance chief Chris Lucas and former tax advisory boss Roger Jenkins have been questioned by the SFO along with some other individuals.
Diamond, who was ousted from his position following a £290million for rigging Libor interest rates, headed up Barclays’ investment bank in 2008 at the time of the controversial fundraising.
It is assumed the fraud investigator will decide by late September or October whether any of the men are to be charged. If the SFO decides to charge those involved, the will become the most senior bakers to be prosecuted for crimes during the financial crisis.
The scenario being investigated relates to Barclays approaching Qatar investors in 2008, in order to avoid asking the UK Government for a bail-out.
The bank secured almost £12billion from two fundraising sources involving Qatar and Abu Dhabi.
Barclays revealed £116million in advisory fees and commission to Qatar Holdings at the time, however the Financial Conduct Authority claimed they had failed to disclose an additional £322million in ‘advisory services agreements’ with the Qatari investor.
Barclays is now facing a £50million fine from the FCA for the conduct.
Furthermore, it has also been revealed that Barclays is also facing a £60 million fine for failing to adequately protect clients’ money.
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