Three former executives at Barclays PLC (LON:BARC) have been acquitted of fraud charges related to funds coming from Qatar during the 2008 financial crisis.

The Serious Fraud Office had been investigating whether the bank had given Qatar secret fees so it could survive without being nationalised like some of its competitors.

READ: Timeline: Barclays CEO Jes Staley

Roger Jenkins, Tom Kalaris, and Richard Boath were found not guilty after seven years of investigations.

The defendants argued the fundraise did not consist in fraud and, if it did, it was not their responsibility.

This is because the three individuals were not at the very top of the FTSE 100’s bank hierarchy and would have not signed off the final papers.

The once chief executive John Varley was cleared last June.

Shares dropped 4% to 148.32p on Friday afternoon.