Published: 13:53, 19 June 2020
| Updated: 15:10, 19 June 2020
A businesswoman who says Barclays misled her, shareholders and the market when negotiating investment deals during the 2008 global financial crisis has broken down in tears in court after bank bosses accused her of engaging in a “hustle”.
Amanda Staveley has told a High Court judge that bank bosses agreed to provide an unsecured £2 billion loan to Qatari investors.
She says that loan was “concealed” from the market, shareholders and from PCP Capital Partners, a private equity firm run by Ms Staveley.
PCP is suing the bank and wants £1.6 billion in damages.
Ms Staveley’s firm says it is owed money for the work it did setting up a Middle East investment deal for Barclays during the 2008 crisis.
Barclays disputes her claim.
A barrister leading the bank’s legal team on Friday suggested to a judge overseeing a High Court trial in London that Ms Staveley had effectively engaged in a “hustle”.
Jeffery Onions QC suggested that Ms Staveley was somebody who was prepared to “lie” in order to extract money she was not entitled to.
He suggested that she had brought the claim because she thought Barclays would settle.
Ms Staveley denied Mr Onions’ suggestions and then began to cry.
A barrister leading PCP’s team said Mr Onions’ suggestions were “extraordinary and bizarre”.
Joe Smouha QC told the judge Mr Justice Waksman that what Mr Onions had said was “ridiculous”.
Mr Onions told the court: “You saw an opportunity to insert yourself into the Barclays transaction and engineered a place for yourself.
“You were effectively engaged in what might colloquially be described as a hustle.”
He suggested that Ms Staveley was “somebody who was prepared to lie and rely on false documents to extract money you were not entitled to”.
Mr Onions alleged that she had brought the claim because she thought that Barclays would settle.
He said she had wanted fees which were “commercially ridiculous”.
Ms Staveley said she did not accept what Mr Onions was saying and did not agree with it.