SFO launches probe into Barclays' dealings with Qatar

The UK's Serious Fraud Office has revealed it is investigating payments between Barclays and Qatar Holding during the credit crisis, in yet another blow to the bank.

The SFO is looking into whether the bank raised money from Middle East investors, specifically Qatar Holding, part of the Qatar sovereign wealth fund, during the 2008 financial crisis. During the fund raising, Barclays secured £4.5bn from Qatar in 2008 and another £7.1bn from Qatar, Abu Dhabi and others later that year. Barclays said in a statement the SFO is investigating payments made as part of commercial agreements with Qatar Holding. Barclays has already been caught up in the LIBOR scandal this year, after it was found to have colluded to keep rates artificially high. The b...