MADRID, 21 Oct. (EUROPA PRESS) -
The Financial Conduct Authority (FCA) of the United Kingdom has decided to impose a fine of 50 million pounds sterling (57 million euros) on Barclays for not disclosing the agreements with Qatari entities within the framework of the capital increases announced by the entity during the financial crisis of 2008.
The British bank has decided to appeal the sanction to the High Court, so that until the corresponding ruling is produced, it will have a "provisional" nature in reflection of the opinion of the FCA regarding what happened and how it considers that the behavior of the companies.
In the context of the capital increases announced by Barclays on June 25, 2008 and October 31, 2008, the FCA considers that the entity's conduct in the October transaction "was reckless and lacked integrity".
The British regulator, which began its investigations in 2013, points out that the Qatari entities were key investors in both capital increases, adding that Barclays entered into two advisory agreements with payments to one of the Qatari entities for a total of 322 million pounds. (369 million euros) for three and five years, respectively.
In this regard, it states that Barclays published announcements and brochures relating to the capital increases, revealing that it had entered into an advisory agreement in June 2008, but not the October agreement or the payments under the capital increases or their connection. with the participation of Qatari entities in them.
The FCA considers that it would have been very relevant information for shareholders, investors and the market in general, especially in October 2008, in circumstances in which the disclosed costs were already perceived as very high.
"Barclays did not inform the market and shareholders about these matters as required," said Mark Steward, executive director of Compliance and Market Supervision, for whom the fact that Barclays did not disclose these matters "was reckless and lacked integrity".
"Due transparency is always essential for financial markets, especially in times of financial or market stress," he added.
