RegionsMiddle EastBarclays’ CFO in Latest Investigation

Barclays’ CFO in Latest Investigation

The UK’s Financial Services Authority (FSA) has launched a formal investigation related to Barclays Bank’s 2008 fundraising activities with Middle Eastern investors. The investigation involves four current and former employees says the bank, including chief financial officer (CFO) Chris Lucas.

Barclays confirmed that the FSA was investigating “the sufficiency of disclosure in relation to fees payable under certain commercial agreements and whether these may have related to Barclays’ capital raisings in June and November 2008”.

The FSA is also expected to focus on the bank’s business arrangements with Qatari investors, among others. Qatar’s sovereign wealth fund (SWF) was among the investors that provided total funding of £7.3bn (US$11.45bn) in the initial phase of the financial crisis, when Barclays refrained from seeking an injection of funds from the UK government. The bank would likely have been taken over by the government after a taxpayer-funded bailout but for the Qatari money.

Related Articles

Finastra wins upgrade order from Oman Arab Bank

Banking Finastra wins upgrade order from Oman Arab Bank

12m GTNews
Bolero partners with SABB on trade solutions for Saudi Arabia

Banking Bolero partners with SABB on trade solutions for Saudi Arabia

12m GTNews
Avelacom extends network to Riyadh

Banking Avelacom extends network to Riyadh

1y GTNews
The Gulf introduces VAT: what are the business implications?

Economy The Gulf introduces VAT: what are the business implications?

1y Richard Asquith
Opec meeting puts hedging in focus

Energy/Mining Opec meeting puts hedging in focus

1y Graham Buck
Leadership changes pose geopolitical risk, says Marsh

Africa Leadership changes pose geopolitical risk, says Marsh

1y Graham Buck
Citigroup appoints CEO for Saudi Arabia

Banking Citigroup appoints CEO for Saudi Arabia

1y GTNews
Survey finds leadership failings on business ethics

Africa Survey finds leadership failings on business ethics

1y Graham Buck