How lawyers from Linklaters allegedly ditched scandal-hit Barclays over 'dodgy' multi-billion pound Qatari deal
- The allegations came to light in court papers filed by financier Amanda Staveley
- The bank and former executives face fraud prosecution over the debacle
- The defendants have not yet entered pleas ahead of a trial due to begin in 2019
Lawyers for scandal-hit Barclays quit over fears a deal with the Qataris might be illegal, it is claimed in court documents
Lawyers for scandal-hit Barclays quit over fears a deal with the Qataris might be illegal, it is claimed in court documents.
The bank asked Linklaters to advise it on a £2.3 billion loan to the Gulf state as it battled to avoid a bailout during the financial crisis.
It lent the cash just as Qatar took part in a £7.3 billion fundraising drive to shore up Barclays.
It is claimed this prompted fears the bank might have been propped up with its own money, breaking the law.
Linklaters is said to have backed out due to concerns this ‘would involve unlawful financial assistance’.
The allegations came to light in High Court papers filed by financier Amanda Staveley, who acted for Abu Dhabi investors during the same 2008 fundraising and claims they were treated unfairly.
She is suing Barclays for more than £700 million.
The bank and former executives face fraud prosecution over the debacle.
The defendants have not yet entered pleas ahead of a trial due to begin in 2019, although ex-chief executive John Varley and former senior banker Roger Jenkins, have suggested they will plead not guilty.
Barclays did not comment.
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