Qatar initiates legal proceedings against FAB in New York for market manipulation

DUBAI (Reuters) – The Qatar Financial Center Regulatory Authority (QFCRA) said on Tuesday it had initiated a lawsuit in New York to force First Abu Dhabi Bank to pay a $ 55 million fine imposed by a Qatari court.

Last year the Qatari regulator fined the UAE’s largest bank 200 million riyals ($ 55 million) for obstructing an ongoing investigation into suspected market manipulation, an allegation FAB denied. .

“FAB has failed to pay this final judgment issued by the Civil and Commercial Court (QFC Court) in the Qatar Financial Center (QFC), thereby requiring the QFCRA to take steps to enforce the court’s judgment based on well-recognized measures to international enforcement of money sentences, “the Qatari regulator said in a statement.

Qatar in 2018 claimed that First Abu Dhabi Bank, the UAE’s largest lender, entered into “fake” foreign exchange deals to hurt Qatar’s economy after the UAE and other Arab states began a boycott of Qatar in 2017.

QFCRA initiated an investigation in March 2018 into suspected manipulation of the Qatari riyal, Qatari government bonds and related financial instruments.

FAB, which has in the past denied allegations of market manipulation, was not immediately available for comment.

The UAE lender closed its only branch in Qatar last year after the regulator placed restrictions on the bank that would have banned it from pursuing new business.

Reporting by Saeed Azhar; Editing by Shri Navaratnam

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Myra R.

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