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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 10/20 11:30:00 am
104.41 GBX   +1.02%
09:15aBARCLAYS PLC : quaterly earnings release
07:55aMorgan Stanley Expands Shareworks in EMEA With Barclays Agreement
DJ
06:00aRECKITT BENCKISER GROUP PLC : Receives a Buy rating from Barclays
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Barclays : Staveley spar in final lap of London trial

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10/16/2020 | 07:49am EDT
FILE PHOTO: Dubai International Capital's chief negotiator Staveley smiles before the Champions League semi-final match in Liverpool

LONDON (Reuters) - A bitter High Court clash between Barclays and British businesswoman Amanda Staveley, over whether she was deceived while negotiating a financial lifeline for the bank at the height of the credit crisis, draws to a close on Friday.

Staveley is claiming hundreds of millions of pounds in damages from Barclays in a civil case that kicked off in June and hinges on how the bank secured emergency funds from Qatar and Abu Dhabi and averted a state bailout in October 2008.

Staveley's PCP Capital Partners, which led a 3.25 billion pound ($4.2 billion), Abu Dhabi-backed investment, alleges it was induced to fund Barclays on much worse terms than Qatar -- despite assurances it would get the same deal.

PCP, which reduced its maximum damages claim to 836 million pounds from 1.5 billion during the trial, alleges Barclays paid Qatar 346 million pounds in secret fees and handed the Gulf state a $3 billion loan that almost matched Qatar's investment.

Qatar said after the February fraud trial that two additional services agreements with Barclays, agreed in June and October 2008, were genuine.

Had PCP been aware of these "very sweet" terms, it would have sought a better deal, it alleged.

The case turned the spotlight back on Barclays' arrangements with Qatar four months after three senior bank executives were acquitted of fraud in a criminal case over advisory service agreements it struck with the Gulf nation in 2008.

Barclays alleged it had struck separate, commercial agreements with Qatar and that PCP's case was "wrong at every stage".

Testifying during the trial, Barclays' former top rainmaker Roger Jenkins accepted he might have used the words "same deal" to Staveley, but said he would have intended to refer to Qatar subscribing for the same instruments.

After a dispute about whether PCP was a potential investor or merely an advisor to Abu Dhabi, Barclays noted Staveley may have hoped to participate as a principal -- but alleged she did not suffer a loss due to Barclays' actions.

The bank said PCP was paid a "handsome" 30 million pounds by Abu Dhabi and attacked Staveley as a "thoroughly unreliable witness", who used "embellishment and invention" and whose modus operandi was to "duck and weave".

Twelve years ago, bankers used sexist and demeaning language when discussing the financier and criticised her professional competence. Apologising, one resigned as a senior bank lobbyist in June before the comments were aired.

Nevertheless, the bank relied on the then 34-year-old to bring on board Abu Dhabi royal Sheikh Mansour bin Zayed al-Nahyan to help secure its independent future.

A judgment is expected later.

(Reporting by Kirstin Ridley; editing by Emelia Sithole-Matarise)

By Kirstin Ridley


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.93% 104.32 Delayed Quote.-42.46%
MURPHY OIL CORPORATION 6.21% 8.815 Delayed Quote.-69.07%
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Financials
Sales 2020 21 337 M 27 574 M 27 574 M
Net income 2020 796 M 1 028 M 1 028 M
Net Debt 2020 - - -
P/E ratio 2020 21,1x
Yield 2020 1,39%
Capitalization 17 933 M 23 288 M 23 175 M
Capi. / Sales 2020 0,84x
Capi. / Sales 2021 0,86x
Nbr of Employees 80 800
Free-Float 99,6%
Chart BARCLAYS PLC
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Technical analysis trends BARCLAYS PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 142,46 GBX
Last Close Price 103,36 GBX
Spread / Highest target 127%
Spread / Average Target 37,8%
Spread / Lowest Target -29,3%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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