Home / Issues / The SFO's Barclays / Qatar 2008 capital-raising case: charges against the bank dismissed
The SFO's Barclays / Qatar 2008 capital-raising case: charges against the bank dismissed
Decidedas of 31 Oct 2026United KingdomBarclays PLCBarclays Bank PLCdraft
Current status
Confirmed fact · as of 31 Oct 2018
The SFO's charges against Barclays PLC and Barclays Bank PLC were DISMISSED by the Crown Court on 21 May 2018 and were not reinstated after the SFO's High Court application was refused; there was no corporate conviction.
C Compliance Week (reporting), Court throws out Barclays' Qatar fraud charges (23 May 2018) · retrieved 31 Oct 2026 · C Fountain Court Chambers, SFO charges against Barclays over Qatar capital raising dismissed (21 May 2018) · retrieved 31 Oct 2026
Confirmed fact · as of 28 Feb 2020
A separate prosecution of former individual executives ended in acquittals (a jury acquitted the remaining former executives in February 2020). A dismissal of charges and an acquittal are not findings of guilt.
C Steptoe LLP, UK Serious Fraud Office Case Update: The Elusive 'Directing Mind and Will' (1 Mar 2020) · retrieved 31 Oct 2026
Unanswered question · as of 28 Feb 2020
A separate UK Financial Conduct Authority regulatory matter concerning the disclosure of the Qatar arrangements proceeded on its own track and is outside this criminal-case record.
C Steptoe LLP, UK Serious Fraud Office Case Update: The Elusive 'Directing Mind and Will' (1 Mar 2020) · retrieved 31 Oct 2026
Last reviewed 31 Oct 2026. An initial allegation is not the final event; this block is always shown.
How it unfolded
Issue raised · 20 Jun 2017
Proposition: The UK Serious Fraud Office charged Barclays PLC and Barclays Bank PLC with conspiracy to commit fraud by false representations and with unlawful financial assistance, in connection with capital raisings from Qatari investors during the 2008 financial crisis and a related USD 3 billion loan to the State of Qatar.
Affected parties: Barclays PLC, Barclays Bank PLC, UK Serious Fraud Office
Originating record: C Compliance Week (reporting), Court throws out Barclays' Qatar fraud charges (23 May 2018) · retrieved 31 Oct 2026
Response · Barclays PLC · 21 May 2018
Attributed claim · as of 21 May 2018
Barclays denied the charges throughout and defended the lawfulness of the 2008 arrangements. The bank's position is reflected in contemporaneous reporting of the dismissal. — Barclays PLC
C Compliance Week (reporting), Court throws out Barclays' Qatar fraud charges (23 May 2018) · retrieved 31 Oct 2026
Outcome · Crown Court (Central Criminal Court); High Court of Justice; Serious Fraud Office · 21 May 2018
dismissalbinding
Confirmed fact · as of 28 Feb 2020
On 21 May 2018 the Crown Court dismissed the SFO's charges against Barclays PLC and Barclays Bank PLC arising from the 2008 Qatar capital raising. The SFO sought to reinstate the charges through the High Court by applying for a voluntary bill of indictment; that application was refused later in 2018, so the charges against the Barclays corporate entities were not revived. A separate criminal trial of former individual executives proceeded, and the individuals were acquitted (a jury acquitted the remaining former executives in February 2020).
C Compliance Week (reporting), Court throws out Barclays' Qatar fraud charges (23 May 2018) · retrieved 31 Oct 2026 · C Steptoe LLP, UK Serious Fraud Office Case Update: The Elusive 'Directing Mind and Will' (1 Mar 2020) · retrieved 31 Oct 2026
Remedy: None: the charges against the Barclays companies were dismissed and not reinstated; no corporate conviction or penalty resulted from this prosecution.
Appeal/review: concluded — The SFO's attempt to reinstate the dismissed charges via a voluntary bill of indictment was refused by the High Court in 2018. The related prosecution of individual former executives ended in acquittals (February 2020). C Steptoe LLP, UK Serious Fraud Office Case Update: The Elusive 'Directing Mind and Will' (1 Mar 2020) · retrieved 31 Oct 2026
How to read this. Allegation, response and outcome are separate, dated records. "Decided/resolved" appears only where a cited outcome supports it. Materially affected parties can request a correction via Corrections & response.