Barclays brands financier Amanda Staveley’s $1bn claim as “misconceived”
Barclays has branded a lawsuit brought by Amanda Staveley, a financier who helped the bank avoid a taxpayer bailout in 2008, as "fundamentally misconceived".
In a 44-page court document filed by the bank, Barclays denied allegations made by Staveley's firm PCP Capital Partners over a fundraising that took place amid 2008's financial crisis.
At the time, Stavely's firm was advising Abu Dhabi’s Sheikh Mansour bin Zayed al-Nahyan who stumped up more than £3bn into the financing.
According to Reuters, Barclays alleged PCP Capital Partners was "unable to establish it had suffered any loss from negotiations" with the bank during the capital raising.
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"Barclays denies that it made any representations which were false," it stated in a court document seen by Reuters yesterday.
In the past, PCP has alleged that Qatari investors earned a total of £346m in secret "sham" payments. The financial firm said that, had it known about these payments, it would've not agreed to split about £3bn of Barclays warrants with Qatar and would not have given up a 10 per cent interest in the instruments, worth around £720m.
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The Serious Fraud Office is currently conducting an inquiry into Barclays and its former executives over undisclosed payments made to Qatari investors in 2008.
Last month, Andrew Onslow, a lawyer for the SFO, told a London court that the watchdog hopes to decide by early next year whether to bring any criminal charges in the investigation into Barclays' multi-billion-pound capital raising.