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Bank claim: Barclays admits naming wrong investor of £3bn

Barclays misled the public and its shareholders about the source of a £3 billion investment that the bank received, a BBC Panorama investigation uncovered.

The bank received the investment during the financial crisis, where it avoided having to be bailed out by the government by sourcing funds from elsewhere.

It said in what it called a ‘drafting error’ that it was the owner of Manchester City football club, Sheikh Mansour bin Zayed Al Nahyan, who was investing in the bank in 2008. However, it was actually the Abu Dhabi government-owned International Petroleum Investment Company (IPIC) of which Mr Mansour is chairman that paid to bail the bank out.

The day after Mr Mansour was named at a vote of shareholders, the small print in a statement of regulatory disclosures revealed that he had passed the stake on.

When Barclays issued its 2008 annual report, sometime later, Mr Mansour was still named as the investor.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801537980-ADNFCR



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