Prosecutors in the United Kingdom will start the process for reinstating the fraud charges against the financial services company, Barclays PLC. The charges are linked to the 12 billion pounds raised as funds from Qatar while the world was suffering from the financial crisis in 2008.
The High Court of London is going to be hearing the case to determine if the Serious Fraud Office has enough valid evidence. If it does, an indictment can be issued against the holding company of the bank as well as the operating company. However, it is not yet confirmed as to when the judgment will be passed.
The British prosecutor will be asking the High Court for reinstating all charges against both of the companies. Those charges had been dismissed by a lower court back in May. At that time, judges had dismissed 2 counts of conspiracy with former employees and senior officers for committing fraud. The lower court had also dismissed 2 counts of illegal financial assistance. One of them was against the bank and the other was against the holding company, related to the loan given to Qatar. That loan was worth $3 billion.
4 former executives of the bank are going face prosecution as well over the deal with Qatar. That deal had enabled Barclays to escape a state bailout while the financial crisis was going on. The major issues in the cause are the 2 advisory services agreements reached with Qatar Holding LLC. Those agreements have a total of 322 million pounds and their nature is being questioned now.