Share

UK fraud agency calls on ex-Barclays execs

London - Former Barclays executives have been called on to give evidence to Britain's anti-fraud agency as part of an investigation into undisclosed payments the bank made to Qatari investors in 2008, the Financial Times reported, citing sources.

The FT said the Serious Fraud Office (SFO) had served Section 2 notices on directors who were on the Barclays board when it secured almost £12bn, mostly from Middle East investors, to avoid a state bailout during the 2008 credit crisis.

Section 2 notices deny those giving evidence a right to silence and require recipients to hand over documents to the SFO - in exchange, the recipients will not be prosecuted provided they do not lie.

Sources told Reuters last month that the SFO could decide as soon as September whether to charge former Barclays executives over the matter.

As part of a 2008 deal with investors, the bank revealed £116m in advisory fees and commission to Qatar Holdings. However, Britain's Financial Conduct Authority (FCA) said the bank had failed to reveal another £322m in two "advisory services agreements" with the Qatari company.

Barclays said at the time that it had disclosed one of the agreements, but not the value, and is contesting the FCA findings. The FCA case is on hold pending the outcome of the SFO's investigation.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders