Bank involved in restructuring programme when Telegraph investigation ended
A business owned by the Barclay brothers restructured a £1.25bn debt with assistance from HSBC in the period when their newspaper, the Daily Telegraph, failed to publish a negative story about the bank, the Financial Times reports today.
The paper’s study of financial filings in Jersey by the Barclays’ retail business, Shop Direct, revealed that costs involved in a debt securitisation programme soared by 72% between October 2012 and September 2013 because the main buyer of its notes ran into funding difficulties.
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