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On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.

27 August 2014 0 Comments
Posted in Corporate & Commercial, Opinion

Decision due over whether to prosecute ex-Barclays bankers

Author headshot image Posted by , Partner

The Serious Fraud Office (SFO) may decide in a matter of weeks whether to press charges against former Barclays executives over undisclosed payments to Qatari investors.

During the height of the financial crash, the high street giant had avoided a state bailout by securing emergency cash injections totalling £12billion – mostly from the Middle East.

As part of the deal, the bank revealed it had paid £116m in advisory fees and commission to Qatar Holding. But the British Financial Conduct Authority alleges that Barclays failed to disclose a further £322m worth of “advisory services agreements” made in 2008.

Barclays contested the FCA’s findings, but the case has been put to one side until the fraud prosecutor has completed its own inquiries.

The SFO has refused to be drawn on the details of its investigation, but confirmed that its team were “making progress”. It’s understood the SFO is in the process of reviewing the evidence and deciding whether a prosecution is in the public interest. Their final decision on whether to proceed is expected by late-September or October.

For advice and assistance from Royds in related matters please contact Claus Andersen, Partner in Corporate and Commercial or John North, Head of Corporate and Commercial on 020 7583 2222.

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