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Qatar Forced Barclays Bank to Hide the Holdings of Its Prime Minister
Qatar Forced Barclays Bank to Hide the Holdings of Its Prime Minister

Qatar Forced Barclays Bank to Hide the Holdings of Its Prime Minister

The bosses of Barclays were forced by Qatari officials to hide the holdings of the Qatari Prime Minister in the bank. This occurred when the Barclays Bank was trying to secure a multibillion-dollar rescue package which could help it avoid a bailout by the government.

Prosecutors for the United Kingdom’s Serious Fraud Office revealed internal phone calls and emails to the jury at the Southwark Crown Court. They showcased discussions over the ways the bank may disclose the planned stake of Sheikh Hamad bin Jassim bin Jaber al-Thani in Barclays Bank by means of Challenger. Challenger is the investment vehicle of the Qatari Prime Minister, based in the British Virgin Islands.

The court was presented with evidence showing that Hamad was initially involved in the fundraising discussions with the Barclays Bank via his role of Qatar Holding chairman. Qatar Holding would later become a major investor in the 2008 capital raising for the bank.

However, in a phone call, Richard Boath recalled that the Qatar PM had told the executives of the bank that he wanted his family to own shares in the bank as well. Richard Boath is the former boss of the European financial institutions of Barclays Bank.

In an email to colleagues, Boath talked about a meeting with Ahmad al-Sayad, the head of legal of the Qataris. Boath stated that the Qatari PM wanted to keep an extremely low profile and that the PM wanted Challenger to be the investor with its subscription agreement. Boath reminded the Qatari Prime Minister that it was necessary for the bank to reveal the identity of the investment vehicle. Boath was told that Barclays must find a way to ensure that the PM is kept under the radar.

 

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