Britain’s Serious Fraud Office (SFO) is expected to receive about £2 million (US$3.07 million) from the UK Treasury to support its criminal probe into the dealings between Barclays and Qatar Holding, the Financial Times has reported.
Barclays is being investigated by the SFO and Financial Conduct Authority (FCA) for an allegation that the bank secretly loaned Qatar Holding, a part of the Qatar Investment Authority, money to reinvest in the bank as part of a rescue fundraising at the height of the 2008 financial crisis.
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The bank has been deeply investigated by the FCA, which is now taking a back seat, as the SFO broadens its probe to other parts of Barclays fundraising.
UK rules forbid a public company from giving financial assistance in order to acquire its shares or those of a parent company.
The SFO reported in August 2012 that it had opened an investigation into certain commercial arrangements between Barclays Bank and Qatar Holding in 2008.
David Green, head of SFO, said he expects to secure extra funding from the government for some complex investigations, partly because the agency’s annual budget has been lowered to around £30 million, a fraction of the budget of some regional police forces.
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By GlobalDataGreen is already receiving more than £3 million per year in extra government funding, for the agency’s sprawling investigation into Libor manipulation, in which Barclays is also a target.
