Barclays Misled about its Investor

It turns out that Barclays lied about one of the biggest investments in the history of banks.

An investigation of BBC found that Barclays had managed to avoid bailout by British tax payers not because of the money given from the Manchester City owner Sheikh Mansour, as it was announced, but with money given from the Abu Dhabi government.

In 2008, the gulf states of Qatar and Abu Dhabi gave most of the money needed for the rescue of Barclays.

Barclays had to tell the shareholders that there was a possibility that the investor might change but it did not and when some hours later the change happened Barclays 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”.

In the reports from 2008 and 2009, Sheikh Mansour was identified as the investor.

The explanation Barclay gave was that the mistake in its accounts was “simply a drafting error”.

According to the expert of financial regulation in the City, Professor Alistair Milne, banks are obliged to give correct information on its bigger deals.

Barclays mentioned that the Abu Dhabi government gave the funding some six months after the deal.

In fact, Sheikh Mansour gave none of his own money for Barclays, but the company he controlled was initially issued warrants to buy 758 million shares in the bank.

The lawyer for Transparency International said:

“You have to worry not because Sheikh Mansour may or may not be doing something wrong, you have to worry because you may be doing something wrong as a bank.

“You may be committing a crime, you may be paying a bribe if you have not got it straight as to which capacity the person you are dealing with is acting.”

There is no way that people find out who benefited from the warrants, because the transactions happened abroad, but all the 758 million shares were sold at price significantly below the market price.

The response of the bank was that “The Board of Barclays took the decision on capital raising in 2008 on the basis of the best interest of shareholder and its other stakeholders, including UK taxpayers”.

Having such financial schemes is always a little bit risky, and what you should do first is to enable your business with the necessary business documents.

Christmas Holiday Getaway

There is one week each year when all kinds of traffic are really busy. This is the week when people travel in order to be with their relatives on Christmas.

A problem with the signal disrupted the train services in Great Western.

Because of the heavy rain and floods on Thursday, the getaway is a bit dangerous and difficult.

Trains throughout the whole country were cancelled and it happened so that even some people were stuck with their vehicles and they had to be rescued.

Rail disruption

After a fire caught a cable at overnight atPrestonPark, many trains were affected and it all resulted in delays of about 90 minutes.

BetweenBrightonand Haywards Heath, buses were sent in order to help transporting people.

A signaling problem is causing disruption near Hayes and Harlington. Because of the problems, a number of Paddington services have been delayed and some were cancelled, including those toReadingandCardiff.

At least until 15:00 GMT, trains toBristolwill travel with a reduced service and trains between Paddington andHeathrowAirportdo not travel at all.

The national Rail announced that the weather affected many other train services:

Canceled trains- between Ellesmere Port and Hooton nearChester, between Crewe andChester, from Uttoxeter andStoke-on-Trent.

At the same time, about 200,000 people are expected to cross the channel on the Eurostar and ferries.

Works suspended

Airports are preparing to receive hundreds of thousands passengers in the days around Christmas.

John Curtin, of the Environment Agency, said:

“With a very busy travel weekend coming up, we would also ask that people check their route before traveling, and remember not to drive or walk through flood water”.

The Legal Stop wishes you happy holidays! In 2013, you will probably need legal document templates, so The Legal Stop is the place to find a solution for your business needs.

Berkshire Council Sells Olympic Items on eBay

The main idea of The Royal Borough of Windsor & Maidenhead to sell Olympic items on eBay is to raise money for its Mayor’s Benevolent Fund. The auction has more than 300 lots like flags, and many other souvenirs among which two large Wenlock figures could be seen. The starting price of these two figures is £250. Many of the items that were used at the Eton Dorney rowing events are expected to go on sale on Thursday.

The authority’s lead member for the 2012 Games,  Simon Dudley, said: “We have experienced one of the most memorable years in the borough’s history and we now have the happy task of finding good homes for all the items we were provided with to decorate roads, parks and car parks leading up to and during games time.”

He also mentioned that he was sure these items would suit all pockets as there are in fact banners and flags which are still in their original wrappings. According to him people show great deal of interest in the Wenlock mascots so they expected healthy biddings on these items.

Mayor Colin Rayner said: “The benevolent fund was set up many years ago specifically to help alleviate poverty in the borough and this will be a very welcome seasonal boost.”

The money from the auctions will be used to help people in need in the harsh winter times.

The last auction will be on 16 December.

Although at The Legal Stop, we do not sell any Olympic items, we will be glad to provide you with something more useful – great legal document templates for your buisness!