Barclays' £1.6 billion battle with investors could be streamed on YouTube

Financier Amanda Staveley to press claim against bank over fees connected to 2008 capital raising

British businesswoman Amanda Staveley is suing Barclays over events from the 2008 financial crisis. Pawan Singh/The National

A £1.6 billion legal battle between financier Amanda Staveley and Barclays Bank over “secret” payments to Qatar in 2008 could be streamed live on YouTube after the coronavirus pandemic halted most UK courtroom trials.

The idea was floated during a hearing by video on Thursday as a judge investigated if the complex trial could go ahead as planned this summer 12 years after the events that sparked the long-running dispute.

The bank is accused by Ms Staveley’s PCP Capital Partners of repeatedly lying to Gulf investors to secure investment during the 2008 financial crisis while concealing larger commission payments to Qatar than were paid to others. Barclays is defending the claim and says that Qatar was paid extra for providing introductions and other business services.

Ms Staveley’s PCP Capital Partners invested £3.5 billion in Barclays on behalf of Abu Dhabi during a capital raising operation as the British-based bank sought to avoid being bailed out by the UK government. The financier alleges that PCP and its Gulf-based backers lost out on up to £1.6 billion.

The trial had already been delayed for months to allow for a series of criminal trials of senior Barclays executives. Three men were acquitted in February, including its Middle East investment chief Roger Jenkins whose actions are set to be scrutinised in the latest case.

The case was due to come to court this summer but the coronavirus crisis has thrown the timing of the trial into doubt with many court hearings now being heard remotely using video link or postponed.

A lawyer told the video hearing that he had worked on a case with a live YouTube feed during the current crisis to ensure continued scrutiny while courtrooms were closed.

The UK has introduced new emergency coronavirus laws that would allow the move, the court heard. Witnesses from outside the UK could also give evidence by video link even if the Covid-19 lockdown was eased.

“Public access to the trial needs to be secured,” said David Quest, for Barclays. “Streaming court proceedings live on YouTube is a novel idea.

“It’s different from just allowing the public into the courtroom. It means anyone in the world can see it.”

The judge, David Waksman, said the issue would be considered at a hearing in May. The case comes as Ms Staveley is in the final stages of buying Premier League football club Newcastle United in a bid backed by Saudi Arabian funds.