On Friday 26th October 2018, following a three-day hearing, Lord Justice Davis stated that he had reached the firm conclusion that the SFO application for a voluntary bill of indictment against Barclays PLC and Barclays Bank PLC relating to their 2008 capital raising from Qatar must be dismissed. His detailed reasoning will follow in due course.
By his ruling Lord Justice Davis affirmed the earlier decision of Mr Justice Jay dismissing all the SFO charges against Barclays PLC and Barclays Bank PLC. There were three charges: two of conspiracy to make false representations, one in respect of each capital raising in which Barclays was said to have conspired with certain former senior officers and employees and one charge of unlawful Financial Assistance under section 151 of the Companies Act 1985 against Barclays and Barclays Bank jointly relating to a loan of £3billion made to Qatar in November 2008.
Barclays instructed Fountain Court’s Richard Lissack QC, leading Crispin Aylett QC and Ben FitzGerald of QEB Hollis Whiteman, instructed by Willkie Farr & Gallagher (Peter Burrell).