Reading Pride has expressed ‘disappointment’ after the council deposited £95m of taxpayers money in a Qatari-owned bank.

Between November 2021 and July 2022, Reading Borough Council invested in Qatar National Bank, a state lender in a country where same-sex activity can lead to seven-year jail sentences and even the death penalty.

The council has discontinued investments since its last £5m transaction ahead of reviewing the list of approved banks in February 2023.

In a statement, Reading Pride told the Chronicle: "Reading Pride are disappointed to read of the apparent depositing of funds into accounts of Qatar National Bank (QNB) by Reading Borough Council amongst other local authorities.

“Reading Pride have been assured by Reading Borough Council funds have been moved away from QNB and the Treasure Management Strategy is being updated to avoid such circumstances reoccurring."

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Qatar National Bank is 50 per cent owned by the Qatar Investment Authority, which is wholly owned by the Government of Qatar, according to the International Forum of Sovereign Wealth Funds.

Concerns were first raised on July 19, when Cllr Josh Williams questioned a £15m deposit made in QNB despite its “lamentable human rights record” during an Audit and Governance Committee meeting.

A Guardian investigation has since revealed that sum was among £1bn collectively deposited by 28 local authorities into QNB accounts since 2017 and that the total deposited by Reading Borough Council was closer to £100m.

Reading invested the third highest amount, with South Kevesten depositing over £120m and Argyll and Bute, £155m.

Council’s make investments in foreign banks to maximise financial returns, which contribute to funding council services.

Asked what the council has to say to the LGBTQ+ community in Reading, and their allies, a spokesperson for Reading Borough Council said: “Following a half-year Treasury Management update, the Council’s Leadership agreed a review of Council’s investment policy and have asked officers to discontinue any further investment in QNB at this time ahead of the approved list being reviewed in February 2023.

“There are currently no Council funds invested in QNB.”

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There were six council investments lasting between one and three months in QNB: Three of which were worth £20m, two £15m and one £5m.

Qatar, which hosts the World Cup this year, is deemed ‘not free’ by the human rights research and advocacy non-profit, Freedom House.

The country’s freedom status, determined by the political rights and civil liberties citizens enjoy, was rated just 25 out of 100, compared to 93 in the UK.

Authorities in Qatar have confiscated rainbow bucket hats from Wales supporters and the Wales team’s staff during the World Cup.

England and Wales were told hours before their opening matches on Monday that they would face sporting sanctions if captains Harry Kane and Gareth Bale wore rainbow-coloured armbands.

Germany protested against FIFA over the OneLove anti-discrimination armband by covering their mouths for the team photo before their opening World Cup match against Japan, to highlight they feel silenced by the game’s global governing body.