Said threatens to sue Barclays over snub
THE billionaire philanthropist and former Conservative donor Wafic Said has threatened to sue Barclays after the bank told him that it no longer wanted his business over fears it could fall foul of anti-money-laundering regulations.
The Syrian-born businessman, best known for facilitating Britain’s £43bn Al-Yamamah arms deals with Saudi Arabia in the 1980s, launched a public attack on Barclays after his blacklisting was revealed
A spokesman for Mr Said said: “The leaks in today’s media say more of Barclays Bank’s own difficulties than any justified concerns about Wafic Said or his financial affairs.
“Despite high level meetings and several requests, formal and informal, Mr Said was given no legal reason or justification for the bank’s action. Mr Said has been advised by leading counsel to issue proceedings against Barclays.”
The 76-year-old claimed that he was blacklisted as a result of a broad policy change by the bank towards clients with connections to certain countries.
A Barclays spokesman declined to comment on the specifics of Mr Said’s case, but said: “We consider each case on individual merit.”
As well as closing Mr Said’s personal accounts, Barclays is no longer providing services to his charitable foundation. It funds the University of Oxford’s Said Business School and relief for people affected by the war in Syria.
Mr Said’s spokesman said: “Mr Said is taking every action possible to ensure his charities are protected and do not suffer financially as a result of Barclays’ actions and he much regrets this irrational and irresponsible behaviour by the bank”.
A Serious Fraud Office investigation of the Al-Yamamah affair was blocked by the Government in 2004 over fears that it would damage relations with Saudi Arabia.