SFO 'to secure more funds to investigate Barclays'

29 July 2013

The Serious Fraud Office (SFO) in the UK is expected to receive additional funding from the Treasury as it continues its investigation of Barclay's emergency fundraising five years ago.

It launched a criminal investigation into the institution a year ago and is now set to be given £2 million ($3.1 million), the Financial Times reports.

The SFO did not confirm nor deny it was receiving extra funding for the probe. It has seen a recent five per cent increase in its baseline funding to £30 million for 2015-16. In 2008 that figure was £52 million - an all time high.

In August 2012, the SFO opened an investigation into certain commercial arrangements between Barclays and Qatar Holding that took place in 2008.

Barclays is due to announce its second-quarter results on Tuesday (30 July), when the institution will lay out its plans to meet new regulatory requirements on leverage.

By Claire Archer

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