Barclays fined £50mn by UK regulators over crisis-era Qatari fundraising
UK regulators have fined Barclays £50mn for allegedly “failing to disclose certain arrangements” about the bank’s controversial Qatari fundraising 14 years ago.
Mark Steward, head of enforcement at the Financial Conduct Authority, said Barclays had failed to make appropriate disclosures about paying “hundreds of millions of pounds in fees to certain Qatari investors so that they would contribute new capital” at the height of the financial crisis.
“Barclays’ failure to disclose these matters was reckless and lacked integrity and followed an earlier failure to disclose fees paid to Qatari investors in June 2008,” Steward added. “There was no legitimate reason or excuse for failing to disclose these matters.”
This story originally appeared on: Financial Times - Author:Emma Dunkley
