The Serious Fraud Office (LON:SFO) has lost its application to reinstate charges against Barclays (LON:BARC) related to the group’s fundraising with Qatar during the financial crisis, the blue-chip lender has reported. The news came after the blue-chip lender updated investors on its performance this week, revealing that conduct and litigation charges had weighed on its nine-month performance.
Barclays’ share price has fallen deep into the red in today’s session, having given up 2.14 percent to 168.38p as of 15:14 BST, underperforming the broader market selloff which has seen the benchmark FTSE 100 index give up 1.69 percent to 6,885.40 points so far today. The group’s shares are down by 7.7 percent over the past year.
Court dismisses SFO charges
Barclays announced in a short statement this afternoon that the High Court had today denied the SFO’s application to reinstate all the charges brought against both Barclays’ holding and operating companies over the group’s emergency fundraising over the financial crisis. At the time, the company turned to Middle Eastern investors to avoid a state-funded bailout.
“As a result, all of the charges remain dismissed,” the blue-chip group said in the statement.
The SFO confirmed the news in a separate statement, adding that it believed that it had been “right to bring this to the High Court”. The agency further noted that the trial of the individuals in this case will take place on January 9.