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Saturday, 17 June 2017

Barclays awaits news on criminal charges over fundraising

Barclays awaits news on criminal charges over fundraising:

"Barclays is considering pleading guilty to criminal charges over its arrangements with Qatar during the financial crisis, but will reserve its final decision until prosecutors make clear what precisely they will level against the bank. The bank and the Serious Fraud Office are locked in frantic last-minute discussions that have seen deadlines slip this week. The SFO previously pledged to make a charging decision by mid-June in a culmination of its five-year investigation into the bank’s £7.3bn fundraising in 2008, when Barclays tapped investors from Qatar and Abu Dhabi to stave off UK government control. Barclays now expects a decision on charges on Tuesday, senior bank sources told the Financial Times. Bloomberg previously reported that the bank was in discussions with the SFO over a guilty plea."



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Private equity firms struggle to raise new funds in the Middle East, says report | The National

Private equity firms struggle to raise new funds in the Middle East, says report | The National:

"The amount of new money raised by private equity and venture capital funds in the region dropped by 41 per cent last year to US$582 million – the lowest figure raised since 2011, according to the Mena Private Equity Association’s annual report. The decline in funding was blamed on the economic climate and regional geopolitical factors affecting external investor perceptions. Total investment value also fell by 24 per cent to $1.13 billion. This was attributed to a drop-off in the number of deals that had an investment value disclosed, which itself was due to a more challenging investment environment, as well as a mis-pricing between buyer and seller expectations."



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Dana Gas bondholders take hard line in testy dispute | The National

Dana Gas bondholders take hard line in testy dispute | The National:

"Dana Gas bondholders have taken a hard line in response to the company in what is turning into a testy dispute over a US$700 million sukuk coming due this year. Dana Gas, the Abu Dhabi Securities Exchange-listed company which is 19 per cent owned by the Jafar family’s Sharjah-based Crescent Petroleum, this week took the unprecedented step of having its sukuk declared to be not compliant with Sharia law. The company also secured an injunction from the court in Sharjah to bar the bondholders from taking legal action, including declaring the company in default, and yesterday sought an additional injunction in the British Virgin Islands to protect the Egyptian assets pledged as collateral on one of its sukuk."



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