Britain’s Serious Fraud Office (SFO) is pushing to have criminal charges reinstated against banking giant Barclays (LON:BARC) over its £11.8bn emergency fundraising during the financial crisis.
Barclays and four of its former executives were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in 2017, connected to a deal with Qatar Holding and Challenger Universal in June and October 2008.
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The case against the bank was thrown out by the Crown Court in May this year. However, the SFO asked the High Court to reinstate all dismissed charges and arguments for whether charges should be brought will be heard in the High Court this week.
The charges against former chief executive John Varley and three other Barclays executives remain live, with the trial due to start in January 2019.
Alongside Varley, former investment banking and investment management for Africa and the Middle East executive chair Roger Jenkins, ex-wealth and investment management chief executive Thomas Kalaris and former European head of financial institutions group Richard Boath are charged with conspiracy to commit fraud by false representation in relation to the June 2008 capital raising.
Varley and Jenkins were given a second charge of conspiracy to commit fraud connected to another capital raising in October 2008. All of the defendants have pleaded not guilty.
Shares in Barclays were 0.3% down at 164.84p in morning trade, with the lender due to report third-quarter numbers on Wednesday..