The Qatar Financial Center Regulatory Authority announced today, Tuesday, that it has begun legal procedures in New York to compel First Abu Dhabi Bank to pay a $ 55 million financial penalty ordered by a Qatari court.
The Qatar Regulatory Authority fined the largest Emirati bank last year 200 million riyals ($ 55 million) for obstructing an ongoing investigation into possible market manipulation, a charge the bank denies.
The authority said, in a statement, that “the bank did not make payment against the backdrop of this final ruling by the Civil and Commercial Court of the Qatar Financial Center, which obligates the QFC Regulatory Authority to take steps to enforce the court’s ruling under the umbrella of well-known procedures regarding international enforcement of financial rulings. ".
Qatar said in 2018 that First Abu Dhabi Bank, the largest bank in the UAE, had conducted "fake" currency operations to harm the Qatari economy after the UAE and other Arab countries began a boycott of Qatar in 2017.
The authority launched an investigation in March 2018 into alleged manipulation of the Qatari riyal, Qatari government securities, and related financial instruments.
The UAE bank closed its only branch in Qatar last year, after the authority imposed restrictions on it that would prevent it from doing new business.
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