The FT has this morning reported that:
Barclays’ legal woes resurfaced when the bank said it was contesting a regulator’s £50m fine for acting “recklessly” by failing to disclose £322m in fees paid to Qatari investors during its emergency cash call five years ago.
According to Barclays, the FCA said two agreements to pay a total of £322m over five years had been struck primarily for Qatar’s participation in the cash calls and not to obtain advisory services, as had been argued by the bank. The fresh revelation of these payments brings the total of disclosed fees and commissions paid to Qatari investors in 2008 to £450m, more than 7 per cent of the capital invested.
The warning notices also said Barclays had been in breach of a requirement to act with integrity towards holders and potential holders of shares, and had therefore acted “recklessly”.
Barclays acting 'recklessly'? Surely not? There must be some mistake there.