Financial fixer for UAE, Saudi sues Barclays Bank for $1.92bn

A fixer in some of the most lucrative deals involving Gulf monarchies is in a legal battle against Barclays Bank over a multi-billion-dollar fundraising in 2008 which included the United Arab Emirates (UAE) and Qatar.

British businesswomen Amanda Staveley says that she had put together the Abu Dhabi side of Barclays’ emergency fundraising in 2008, investing £3.5 billion ($4.8 billion) on behalf of Sheikh Mansour Bin Zayed Al Nahyan, deputy prime minister of the UAE.

Forty-seven-year-old Staveley alleges that her investment firm, PCP Capital, was defrauded by cash strapped Barclays Bank. She claims to have lost out on millions in fees after Barclays gave better terms to Qatari investors as the bank tried to raise £7.3 billion ($9.3 billion) to avoid a state-backed bailout during the 2008 banking crisis.

The case, which is being heard in London’s High Court, is expected to last nine weeks. If Barclays is successfully sued, Staveley, who is presently trying to fix the takeover of Newcastle United football club on behalf of the Saudis, could be the beneficiary of a pay-out as high as £1.6 billion ($1.92 billion).

READ: The Saudi-UAE axis should learn to live with Qatar’s independent foreign policies

On Monday, on the eve of the legal battle in London, a demand was made by a former business associate of Staveley for up to half of the $1.9 billion she is claiming from Barclays, reported the Times.

During the hearing yesterday, the court was told that Staveley had exaggerated her role as fixer in Barclays rescue plan.

In 2008 Staveley played a key role in Al Nahyan’s purchase of Manchester City Football Club.

In her latest venture, fixing the purchase of yet another premier league club on behalf of Crown Prince Mohammed Bin Salman, Staveley is facing stiff resistance with the Saudis being accused of violating rules making them ineligible to own a British football club.