Barclays Faces Criminal Probe Over £12B Funding Work Fees

Law360, New York (August 29, 2012, 3:31 PM EDT) -- Beleaguered Barclays PLC confirmed Wednesday that a British regulator has begun a criminal probe into commissions it paid to a Qatari sovereign fund for the fund's advisory role in two funding rounds totaling £11.6 billion ($18.4 billion), following an earlier civil investigation.

A spokeswoman for Barclays confirmed that the U.K. Serious Fraud Office, which prosecutes financial industry fraud and corruption cases, has begun an investigation into “certain commercial payments” between Barclays and Qatar Holding LLC, an investment firm owned by Qatar’s sovereign wealth fund, the Qatar...
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