Trust In Barclays' 2008 Cash Call Info 'Misplaced,' Jury Told

Law360, London (January 28, 2020, 6:00 PM GMT) -- A Serious Fraud Office prosecutor said Tuesday that investors’ trust in the truth of public statements made by Barclays about its emergency 2008 fundraising would have been “misplaced” because the bank funneled secret fees to Qatar.

SFO prosecutor Edward Brown said in his closing argument at a London criminal fraud trial that the evidence “shows where the truth lies” over an advisory deal Barclays struck with Qatari investors to meet their financial demands for pumping £3.9 billon ($5.1 billion) into the bank as it fought to avoid a government bailout during the financial crisis.

“However it is dressed up, the contemporaneous evidence...

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