British bank Barclays faces a £300m ($504.51m) lawsuit from Amanda Staveley after the dealmaker who helped broker the bank’s emergency fundraising with Abu Dhabi investors during the financial crisis launched legal action, the UK’s Daily Mail reported.
The newspaper reported that the legal action is linked to a Serious Fraud Office (SFO) investigation into £322m of fees paid by Barclays to Qatari investors who pumped £4.6bn into the bank in 2008 in two rounds of fundraising.
Both Abu Dhabi, which Staveley worked for, and Qatar took part in the second fundraising, for which Staveley is reported to have been paid an estimated £30m-£40m, the Daily Mail reported.
Staveley, a former girlfriend of Prince Andrew, argues that her investment firm PCP Capital Partners is entitled to the same fees Barclays paid to the Qatar investors.
Last month The UK fraud office stepped up its probe into Barclays’s dealings with Qatar in what the Financial Times reported was an acceleration of the SFO’s probe into allegedly corrupt arrangements with Qatar as part of the bank’s emergency cash call in 2008.
Also last month Abu Dhabi Islamic Bank has received regulatory approval from the UAE central bank for its purchase of Barclays’ retail operations in the country, its chief executive said.
The largest sharia-compliant lender in the emirate agreed a AED650m ($177m) deal with the British bank last month following a competition in which both local and international players showed interest.
ADIB received regulatory assent ten days ago and the process of migrating Barclays' 110,000 customers in the country to the Abu Dhabi lender would begin on September 1, Tirad Mahmoud told reporters.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.