LONDON: A British court has dismissed charges brought by the Serious Fraud Office (SFO) against Barclays over its 2008 capital raising, the bank said on Monday, suspending for now the threat of regulatory sanctions on its business operations.
The SFO was however not prepared to let the case drop.
“We are likely to seek to reinstate the charges by applying to the High Court,” an SFO spokesman said. It was not clear when that application would be heard.
Barclays denied the SFO’s allegation that a $3 billion loan it made to Qatar in November 2008 was connected with a Qatari investment in the British bank which ultimately helped it avoid a British government rescue during the financial crisis, unlike its rivals Lloyds and Royal Bank of Scotland.
An end to the SFO’s case against Barclays and its operating subsidiary would remove the biggest remaining legal headache facing Barclays over its conduct during the financial crisis.
The collapse of one of its most high-profile corporate prosecutions would also represent a major setback for the SFO, with the prosecutor’s office under fire from politicians in recent years.
Qatar, which is a major investor in Britain, has not been accused of wrongdoing itself, but public companies in Britain are normally prohibited from lending money for the purchase of their own shares, known as “financial assistance.”
The SFO had been pursuing charges that Barclays unlawfully received such financial assistance, and that it had conspired with former senior executives to commit fraud over two so-called ‘advisory services agreements’ between Qatar and the bank which facilitated the fundraising.
NOT OVER YET
Even if the SFO were to fail in its efforts to reinstate the charges, Barclays still faces other legal and regulatory problems related to the 2008 fundraising.
The US Department of Justice and the Securities and Exchange Commission are investigating the advisory services agreements.
Separately four former Barclays bankers face a charge of conspiracy to commit fraud by false representation when they negotiated a capital injection for the bank from Qatar, in a trial due to start next January.
The four are former chief executive John Varley, and senior executives Roger Jenkins, Tom Kalaris and Richard Boath.
Barclays said the dismissal of the charges against itself should not be taken to have any bearing on whether other people may have committed a criminal offense.
Lawyers representing Boath and Jenkins declined to comment, while lawyers for the other two did not immediately respond to requests for comment.
British businesswoman Amanda Staveley has a separate $1 billion civil lawsuit against Barclays over the same fundraising.
Staveley’s private equity group PCP Capital Partners is claiming damages for alleged fraudulent misrepresentation in a row over whether Barclays offered Qatar and Abu Dhabi investors the same deal terms for participating in a fundraising in 2008.
Barclays has called the PCP lawsuit “misconceived.” Staveley declined to comment.
Barclays shares were up 0.7 percent by 1300 GMT, in line with the FTSE 350 British banks index.
British court dismisses charges against Barclays over 2008 Qatar deal
British court dismisses charges against Barclays over 2008 Qatar deal
Future Minerals Forum launches global index to track critical mineral supply chains
RIYADH: The Future Minerals Forum on Jan. 12 launched the “Future Minerals Index Report,” a first-of-its-kind global tool designed to measure and track progress in developing critical mineral value chains across producing, exporting, and consuming countries.
The initiative aims to support the creation of more resilient and responsible supply chains and promote sustainable development worldwide.
Khalid Al-Mudaifer, vice minister of industry and mineral resources for mining affairs, stated: “The Future Minerals Index Report is an unprecedented and essential document; it is an intellectual tool that highlights key trends in the mining and minerals sector, particularly in terms of insights and directions from sector stakeholders, including government leaders, global mining executives, experts, and interested parties.”
He pointed out that the report is distinguished by its tracking of developments in mineral supplies and its provision of actionable recommendations to ensure the sustainable development of critical mineral value chains.
Al-Mudaifer described the report as a new international benchmark that establishes a comprehensive baseline to measure the progress of governments, companies, and investors in enhancing more resilient and responsible mineral supply chains.
He said it provides a clear picture of how global critical mineral markets are shaped by capital, risk, and trust dynamics. “It shows where investment is growing or shrinking and identifies the widening gap between resource availability and capital allocation. Based on this baseline, the report will monitor changes in risk perceptions, investment flows, and progress toward more resilient mineral value chains.”
Ali Al-Mutairi, general supervisor of the Future Minerals Forum, emphasized the report’s importance and the attention it received at the forum due to its role in highlighting global trends in the mining sector.
He explained that the report was prepared in partnership with McKinsey & Co. and in collaboration with other sector experts, including S&P Global Market Intelligence, Global AI, and GlobeScan.
“It integrates stakeholder trends, data, market insights, and intelligence into a single reference that supports global mining and mineral sector decision-making,” he said.
Jeffrey Lorsch, partner at McKinsey & Co., commented: “The Future Minerals Index Report, by integrating market data, stakeholder perspectives, and value chain standards, provides a strategic roadmap to help companies navigate volatility and unlock long-term growth opportunities.”
The report is based on the “Future Minerals Framework,” developed with contributions from 47 experts across multilateral organizations, non-profits, and private companies. It was first introduced at the 2025 International Ministerial Meeting.
The framework outlines key enablers for end-to-end value chains, including supportive policies and regulations, innovative financing solutions to secure and manage investments, multimodal infrastructure such as roads, railways, and ports to reduce costs and increase viability, and sustainability through strong environmental and social governance frameworks.
It also includes talent development through education, training, R&D, technological modernization via updated geological data systems and global expertise partnerships, and geology through reliable, accessible geological data in producing, exporting, and consuming countries as a critical factor in attracting investment.
The report highlighted the world’s urgent need to sustain mineral supplies, featuring contributions from leading industry figures.
Robert Friedland, founder of Ivanhoe Mines, Ivanhoe Electric, and I-Pulse, stated that the electrification of energy systems, digitalization of the economy, and the rapid growth of artificial intelligence are converging toward a future that increasingly depends on minerals.
He stressed: “You can’t reduce emissions, build computing systems, or transport energy without mining.”
Bob Wilt, CEO of Ma’aden, said in the report: “We are not fully prepared to deliver the minerals the world needs. Our biggest challenges are not equipment, capital, or technology — but people.”
Duncan Wanblad, CEO of Anglo American, noted that global copper demand is expected to grow by 75 percent to reach 56 million tonnes annually by 2050. To meet this demand and offset declines from aging mines, the sector will need to open approximately 60 new mines the size of Quellaveco within the next decade alone.
Gustavo Pimenta, CEO of Vale, said in his contribution: “I can’t imagine a future without mining — at least not a sustainable one that balances economic development with environmental protection and social responsibility. Mining has become essential to everything.”
The release of the Future Minerals Index Report coincides with the upcoming fifth edition of the Future Minerals Forum, being held from Jan. 13 to 15, 2026, in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The event is held under the theme “Minerals: Facing the Challenges of a New Era of Development.”
The forum will host a wide range of ministers and CEOs from leading global mining companies, reflecting its stature as a global platform in the mining sector and a key event showcasing Saudi Arabia’s leadership in shaping the future of minerals regionally and internationally.
