The Crown Court in the UK has dismissed all charges against Barclays and Barclays Bank concerning capital raisings deals made in 2008.
The charges, brought by the Serious Fraud Office (SFO), included two offences against Barclays for conspiring with some senior officers for committing fraud through false representations regarding the signing of two advisory services agreements with Qatar Holding in 2008.
SFO also brought another charge against Barclays and Barclays Bank for providing $3bn illegal financial assistance to Qatar in November 2008.
The charges were brought under the Sections 1-2 of the Fraud Act 2006, Section 1(1) of the Criminal Law Act 1977 and Section 151(1) of the Companies Act 1985.
In a statement, Barclays stated that the SFO may appeal to the High Court to re-commence proceedings on the same charges.
These trials were scheduled to commence from January next year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
SFO brought these charges against Barclays in February. If they were proved, the bank may have faced regulatory sanctions and even cancellation of its licence.
Last month, Barclays reported a pre-tax loss of £236m for the first quarter of 2018. In the same period last year, the bank registered a profit of £1.68bn.