Amanda Staveley launches new legal attack on Barclays

Ms Staveley was acquitted after a judge found Barclays «guilty of fraudulent misrepresentation». Photo: Phil Noble/Reuters

Financier Amanda Staveley has launched a new legal battle against Barclays over the Gulf bank's bailout at the height of the financial crisis.

Funds linked to Ms Staveley's PCP Capital Partners are suing Barclays in a secret International Chamber of Commerce (ICC) arbitration court in Paris for further damages. The ICC case is based on similar allegations made in the High Court case regarding the Barclays bailout in the Middle East in 2008.

Ms Staveley developed an investment package for Barclays during the financial crisis, but the bank ultimately decided to attract investment from Qatar. Ms Staveley subsequently accused the bank of deception for failing to disclose the terms of the parallel deal. She claimed she lost millions in funds as a result.

Ms Staveley ultimately lost her case in the High Court, but a judge found Barclays had defrauded PCP and was «guilty of fraudulent misrepresentation».

A British intermediary known for his role in brokering the Saudi takeover of Newcastle United is now seeking damages from the ICC. The Paris ICC hosts an internal disputes court that helps corporations resolve legal disputes. A three-person tribunal or sole arbitrator is appointed to decide the case and huge damages can be awarded.

Following a nasty court case in February 2021, a High Court judge ruled that Barclays had defrauded Ms Staveley, with losses resulting from the deception totaling £615 million. However, the judgment ultimately ruled that Staveley would not have won and her claim for damages was dismissed. Ms Staveley's case against Barclays began at the end of 2023 and is likely to continue until 2026.

Timeline of the Barclays and Amanda Staveley court case

Barclays and PCP-related funds went to arbitration due to the nature of the contracts both signed in 2008.

Companies often include arbitration clauses in their commercial documents, forcing both parties to follow this path if a dispute arises. Lawyers spend months and sometimes years collecting evidence from the parties before rendering a legally binding decision for the parties involved.

The International Criminal Court hears about 800 cases a year.

Barclays, PCP, Ms Staveley and the ICC declined to comment. The circumstances of the Barclays Qatar rescue deal, which helped the bank avoid a UK government bailout, have haunted the bank for the past decade.

The Serious Fraud Office opened a criminal investigation into Barclays in connection with the fundraising, but the case not this. was fired.

Qatar has remained a cornerstone investor in Barclays since its investment in 2008. The Gulf state recently cut its stake in the bank from 5.6% to 3.2% after selling shares for £500 million, but the Qataris remain Barclays' fourth-largest shareholder.

Ms Staveley is best known as a power broker in football finance. She helped Sheikh Mansour take over Manchester City in 2008 and recently brokered Saudi Arabia's investment in Newcastle United.