The Serious Fraud Office (SFO) has lost its high-profile, seven-year fraud case against three Barclays bankers
The three men were charged with conspiracy to commit fraud in relation to allegedly misleading investors and the markets over capital raising arrangements agreed with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008.
An SFO spokesperson said: ‘Our prosecution decisions are always based on the evidence that is available, and we are determined to bring perpetrators of serious financial crime to justice.
‘Wherever our evidential and public interest tests are met, we will always endeavour to bring this before a court.’
Bambos Tsiattalou, specialist financial crime lawyer and founding partner of Stokoe Partnership Solicitors, said: ‘This is a huge blow to the SFO and its reputation.
‘This decision brings into question the effectiveness of the department. It will now be essential to conduct a thorough review of procedures within the SFO, with this being their most high-profile failure to date, and the judgement of key decision makers within the department must surely be brought into question.’
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