The UK's Serious Fraud Office is seeking to appeal a landmark lawsuit against Barclays over undisclosed payments made to Qatari investors during a credit crunch through a rare legal procedure after a London court dropped its case.
SFO task forces were praised for not being afraid of engaging in a conflict with one of the world's biggest banks when it initially charged Barclays and four former senior executives, including former CEO John Farley, for criminal offenses in June 2017.
But prosecution failed in the first attempt after a London court in May overturned its charges against Barclays Plc for conspiring to commit fraud and providing financial aid in violation of the law, and against Barclays Bank for providing illegal financial aid.
The SFO said it had petitioned the Supreme Court to allow a draft indictment, a way for plaintiffs to oppose a Supreme Court ruling.
Barclays, along with four former senior executives, have been charged with making payments to Qatari investors as part of a £ 12bn ($ 16bn) emergency fund raising, including a $ 3bn loan to Qatar at the peak of the 2008 credit crunch.
The SFO says it has filed a request with the Supreme Court to re-direct the charges the day before yesterday.
On July 23, 2018, the Serious Fraud Office confirmed that it had applied to the Supreme Court to re-direct all charges against Barclays PLC and Barclays Bank, which were dropped by the Supreme Court in May 2018.
