Tajuk : Barclays’ share price shrugs off Serious Fraud Office charges
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Barclays’ share price shrugs off Serious Fraud Office charges
LONDON — Shares in Barclays opened only slightly lower on Tuesday after the UK’s Serious Fraud Office announced criminal charges against the bank and four former executives.
Former Barclays CEO John Varley is among those facing charges relating to the bank’s private bailout from Qatar at the height of the financial crisis. Qatari investors backed the bank’s £4.5 billion cash call in 2008 but were also given a $3 billion loan facility by the bank at the same time, an arrangement that the SFO contends is unlawful.
The bank and four former execs are charged with “conspiracy to commit fraud and the provision of unlawful financial assistance.” It’s the first time a bank or its executives have faced criminal charges for events that took place during the 2008 financial crisis.
Despite this, Barclays shares opened down just 0.27% in London on Tuesday in reaction to the news, hitting 205.55p.
Investing.com
While news of the SFO charges is bad for Barclays, it is not unexpected. Reports that the SFO was set to deliver its verdict were trailed over the last week, with sources at the bank telling the Telegraph on Monday that they expected charges to be brought.
Barclays said in a statement that it is “is considering its position in relation to these developments.”
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
✍ Sumber Pautan : ☕ Business InsiderBusiness Insider
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LONDON — Shares in Barclays opened only slightly lower on Tuesday after the UK’s Serious Fraud Office announced criminal charges against the bank and four former executives.
Former Barclays CEO John Varley is among those facing charges relating to the bank’s private bailout from Qatar at the height of the financial crisis. Qatari investors backed the bank’s £4.5 billion cash call in 2008 but were also given a $3 billion loan facility by the bank at the same time, an arrangement that the SFO contends is unlawful.
The bank and four former execs are charged with “conspiracy to commit fraud and the provision of unlawful financial assistance.” It’s the first time a bank or its executives have faced criminal charges for events that took place during the 2008 financial crisis.
Despite this, Barclays shares opened down just 0.27% in London on Tuesday in reaction to the news, hitting 205.55p.
Investing.com
While news of the SFO charges is bad for Barclays, it is not unexpected. Reports that the SFO was set to deliver its verdict were trailed over the last week, with sources at the bank telling the Telegraph on Monday that they expected charges to be brought.
Barclays said in a statement that it is “is considering its position in relation to these developments.”
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
✍ Sumber Pautan : ☕ Business InsiderBusiness Insider
Kredit kepada pemilik laman asal dan sekira berminat untuk meneruskan bacaan sila klik link atau copy paste ke web server : http://ift.tt/2tI0XAr
(✿◠‿◠)✌ Mukah Pages : Pautan Viral Media Sensasi Tanpa Henti. Memuat-naik beraneka jenis artikel menarik setiap detik tanpa henti dari pelbagai sumber. Selamat membaca dan jangan lupa untuk 👍 Like & 💕 Share di media sosial anda!
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