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Tuesday, 25 January 2011

FT.com - Barclays in Dubai fraud case

Barclays is facing allegations it helped defraud a Greek pipe manufacturer in a case that could change the legal landscape for foreign banks operating in Dubai.

The Dubai International Financial Centre Courts are considering whether they have jurisdiction on claims that an employee of Barclays Dubai last year helped to defraud Corinth Pipeworks of $24.2m (£15m).

Barclays said the allegations referred to Barclays Dubai, a bank operating outside the DIFC, and should therefore be heard at Dubai Courts, not the DIFC. The bank declined to comment.