The Serious Fraud Office (SFO) is seeking to reinstate charges against Barclays (LON:BARC) over the group’s Qatar fundraising during the financial crisis, the FTSE 100 company has said. The blue-chip lender turned to Middle Eastern investors back in 2008 to avoid a state-funded bailout.
Barclays’ share price has climbed higher in London this morning, having gained 1.32 percent to 189.04p as of 10:24 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.80 percent higher at 7,716.68 points. The group’s shares have lost a little over eight percent of their value over the past year, as compared with about a 4.5-percent gain in the Footsie.
SFO seeks to reinstate charges
Barclays announced in a short statement to the London Stock Exchange today that the SFO had made an application to the High Court yesterday seeking to reinstate charges against Barclays in relation to the group’s Qatar fundraising during the financial crisis. The move comes after earlier this year, the Crown Court had dismissed all charges brought by the SFO against the lender. The group, however, cautioned at the time that the SFO was likely to seek to reinstate the charges.
“Barclays intends to defend the application brought by the SFO,” the FTSE 100 group said in today’s statement.
Analysts on blue-chip lender
Goldman Sachs, which sees Barclays as a ‘neutral,’ set a price target of 220p on the shares yesterday, while Berenberg Bank reaffirmed the group as a ‘hold,’ valuing the stock at 200p. According to MarketBeat, the blue-chip group lender currently has a consensus ‘buy’ rating and an average price target of 225.04p.
Barclays is scheduled to update investors on its half-year performance on August 2.