First leg of Amanda Staveley’s battle with Barclays ends
The first stage of a £1.6 billion High Court battle involving businesswoman Amanda Staveley and Barclays has ended.
A judge on Friday finished hearing evidence at a trial, which began in early June, in London.
Mr Justice Waksman is next due to hear legal argument, from lawyers representing both sides, at a further hearing in October.
Ms Staveley, 47, who in recent months has been involved in brokering a deal which could see a Saudi consortium take control of Newcastle United, has made complaints about the behaviour of Barclays bosses when negotiating investment deals during the 2008 financial crisis.
She says Barclays agreed to provide an unsecured £2 billion loan to Qatari investors, but says the loan was “concealed” from the market, shareholders and PCP Capital Partners, a private equity firm she runs.
Ms Staveley says PCP introduced Manchester City owner Sheikh Mansour, a member of the royal family of Abu Dhabi, to Barclays as an investor.
She says PCP was induced to invest on “manifestly worse terms” than Qatari Investors and but for Barclays’ “false representations” would have subscribed on “vastly better terms”.
PCP is suing the bank and wants £1.6 billion in damages. Barclays says PCP’s claims should be dismissed.
Lawyers representing Barclays have told that the judge that PCP received £30 million, for work done in “assisting” an Abu Dhabi investment, but claimed that, but for “the alleged deceit”, it would instead have secured a deal worth up to £1.6 billion.
They say PCP’s claims are “made of sand”.