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Report: Dealmaker Staveley mulls private prosecution vs. Barclays

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Report: Dealmaker Staveley mulls private prosecution vs. Barclays

Amanda Staveley, who advised on Barclays PLC's financial crisis-era capital increase, is considering a private criminal prosecution against the bank, The Sunday Times reported May 27.

The report comes in the wake of a court dismissing the U.K. Serious Fraud Office's charges against the bank relating to its controversial 2008 capital increase that involved Qatari investors. Barclays had said the SFO will potentially seek to reinstate the charges by applying to the U.K. High Court to recommence proceedings through a new indictment of the same charges.

Staveley has reportedly hired lawyer Jonathan Laidlaw to study the case's criminal side, with the aim of pursuing a private prosecution against Barclays if the SFO drops any of its charges or the entire case. A potential private prosecution would be in addition to a lawsuit filed by Staveley's PCP Capital Partners LLP and PCP International Finance Ltd. over the controversial cash call.

The PCP trial had been postponed to October 2019 to avoid prejudicing the SFO's criminal case, but PCP is now thought to be considering challenging the trial postponement given the dismissal of the SFO's charges, the report noted.