The bank also said: "The shareholders meeting had already taken place and there was therefore no need to issue press releases or additional formal communications to shareholders/other market participants." The bank continued to mislead shareholders in its annual reports of 20, both of which identified Sheikh Mansour as the investorīarclays said the mistake in its accounts was "simply a drafting error" and that the information provided in the prospectuses was "entirely appropriate in all the circumstances". The bank said it subsequently provided "appropriate disclosure" in three prospectuses that were issued the following day.īut the disclosure was buried deep in the small print and said that Sheikh Mansour "has arranged for his investment…to be funded by an Abu Dhabi governmental investment vehicle, which will become the indirect shareholder".īarclays still used the phrase "his investment", even though it knew Sheikh Mansour was not actually investing in the bank at the time. Half of the cash was supposed to be coming from Sheikh Mansour.īut Barclays has admitted it was told the investor might change shortly before shareholders voted to approve the deal on 24 November 2008.īut instead of telling shareholders, the bank remained silent until the change of investor was confirmed a few hours later. Unlike RBS and Lloyds TSB, Barclays narrowly avoided having to request a government bailout late in 2008 after it was rescued by £7bn worth of new investment, most of which came from the gulf states of Qatar and Abu Dhabi. The bank announced in 2008 that Manchester City owner Sheikh Mansour had agreed to invest more than £3bn.īut the BBC found that the money, which helped Barclays avoid a bailout by British taxpayers, actually came from the Abu Dhabi government.īarclays said the mistake in its accounts was "a drafting error".
Barclays misled shareholders and the public about one of the biggest investments in the bank's history, a BBC Panorama investigation has found.
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