LONDON: A judge ruled Barclays will have to pay its own £33 million ($46.09 million) legal bill despite winning a case against British businesswoman Amanda Staveley’s PCP Capital Group over how the bank negotiated a financial lifeline during the credit crisis in 2008.
Judge David Waksman said on Thursday he made “no order as to costs,” meaning both sides will pay their own legal costs. PCP had been potentially liable for both sides’ expenses under England’s “loser pays” laws.
Waksman in February had found Barclays guilty of “serious deceit” over the deal which offered Barclays a lifeline during the crisis, but denied Staveley damages and dismissed her claim.
Staveley incurred costs of nearly £20 million in fighting the case, court documents showed.
The civil case revolved around how Barclays secured billions of pounds from Qatar and Abu Dhabi-backed investors 13 years ago, allowing it to secure its independence — and the jobs of its bosses — by avoiding a state bailout.
PCP, which led a £3.25 billion, Abu Dhabi-backed investment into the bank, alleged it was induced to fund Barclays on much worse terms than Qatar — despite assurances it would get the same deal.
While Waksman said Barclays had deceived Staveley, he ultimately ruled in February that PCP had not proven its case on causation and loss, meaning the overall case failed.
“We welcome the Judge’s decision, which justly ensures that PCP is not liable to pay Barclays any of its costs of the litigation,” Khaled Khatoun, a lawyer representing Staveley, said on Thursday.
Barclays to pay own $46 million legal bill in case over 2008 bailout from Qatar and Abu Dhabi
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Barclays to pay own $46 million legal bill in case over 2008 bailout from Qatar and Abu Dhabi
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
