UK prosecutors on Monday reopened Barclays' fraud case in cooperation with Qatar in 2008 in a bid to avoid the economic crisis that hit most of Britain's banks at the time.
The bank granted a multi-billion dollar loan to Qatar in 2008 in the form of investments with the Qatar sovereign fund and Challenger Investment Company of Hamad bin Jassim, the former prime minister and former foreign minister of Qatar.
During the 2008 financial crisis, Barclays managed to avoid the fate of British banks saved by the government, raising more than $ 12 billion from investors mostly from Qatar. A short time later, the bank provided Qatar with a $ 3 billion loan.
The Serious Fraud Office has filed fraud charges against the bank and Qatari partners, as the bank has lent itself indirectly, in contravention of British financial laws.
On Monday, the Supreme Court of London will hear the proceedings of the Serious Fraud Office on the bank for four days. It is not clear when the verdict will be issued.
The British prosecutor will ask the Supreme Court to return all charges against the bank and Qatari partners, which were rejected by a lower court in May.
Four former World Bank executives are also facing charges over the deal with Qatar.
The trial against individuals is scheduled to start in January.
