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Saudi Firm Not Included in Barclay’s Inquiry | ASHARQ AL-AWSAT English Archive 2005 -2017
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Riyadh, Asharq Al-Awsat-A well-informed source, speaking on the condition of anonymity, yesterday told Asharq Al-Awsat that the US Department of Justice (DOJ) is expected to announce its first ruling in the case against the British bank Barclays in March, and that the US judiciary is still considering the case at the moment.

This news comes amid confirmed information that Barclays Saudi Arabia has not yet received any judicial proceedings relating to how its license to conduct business in the local market was obtained.

Faced with these developments, Asharq Al-Awsat yesterday received information confirming that the case of Barclays bank, currently being considered by the DOJ, is still focusing on global third parties, and that the name of the company Barclays Saudi Arabia is not included in the case file, contrary to what was previously published by the British Financial Times newspaper.

Approximately two months ago, an informed source told Asharq Al-Awsat that no Saudi government bodies were accused in the case being investigated by the DOJ, regarding “improper payments” made by Barclays bank in order to obtain licenses and brokerage, or to take advantage of services provided by third parties in many countries around the world. According to the exclusive information obtained by Asharq Al-Awsat at the time, the case against Barclays would not affect any of the bank’s activities in Saudi Arabia, and sources said in this regard: “The case that is being investigated is regarding improper payments that may have been paid by Barclays bank with the objective of obtaining certain services from a third party”.

According to the same source, the DOJ has not enacted any formal or informal charges, until now, against any Saudi governmental party, confirming that this case has no connection with the manner in which the bank obtained its license to operate in the country. The source added that this is something that confirms the robustness of the Saudi Capital Markets Authority (CMA) and the Ministry of Trade and Commerce.

Last month, an informed source revealed to Asharq Al-Awsat that the Gulf states are officially outside the circle of accusations being investigated by the DOJ at present with regards to Barclays bank.

The source referred to a statement issued previously by the board of directors of Barclays Saudi Arabia, confirming that the company did not make any illegal payments to the CMA or any of its officials regarding the granting of a Saudi license. Barclays Saudi Arabia added that it “takes the issue raised by the media very seriously”.

In the same press statement, the bank went on to say: “Barclays Saudi Arabia will continue to conduct business in the kingdom in accordance with the highest professional standards and is fully committed to the development of Saudi Arabia’s financial market.”