Barclays investment scandal
Bank found to have lied about funders
An investigation by the BBC Panorama program has this week revealed that Barclays misled shareholders and the public about one of the biggest investments in the bank's history.
The bank announced in 2008 that Manchester City owner Sheikh Mansour had agreed to invest more than £3bn in the troubled company.
But the BBC found that the money, which helped Barclays avoid a bailout by British taxpayers, actually came from the Abu Dhabi government.
Barclays said the mistake in its accounts was "a drafting error".
Unlike RBS and Lloyds TSB, Barclays narrowly avoided having to request a government bailout late in 2008 after it was rescued by £7bn worth of new investment, most of which came from the gulf states of Qatar and Abu Dhabi and not from Sheikh Mansour himself.
However Barclays has admitted it was told the investor might change shortly before shareholders voted to approve the deal on 24 November 2008.
Instead of telling shareholders this, the bank remained silent until the change of investor was confirmed a few hours later.
According to the program the bank continued to mislead shareholders in its annual reports of 2008 and 2009, both of which identified Sheikh Mansour as the investor.
The BBC said that if Sheikh Mansour profited personally, then Barclays may have breached anti-corruption laws aimed at preventing payments to government officials.
Find out more about Barclays in our special report on banking, featuring buyers guides to current and saving accounts and the Move Your Money campaign.
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