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Qatar announced Monday that it has filed three lawsuits in London and New York against two Saudi and UAE banks and against Luxembourg bank Banque de Havilland for allegedly plotting to undermine its currency and bonds.
In June 2017, the United Arab Emirates, Saudi Arabia, Bahrain and Egypt imposed an illegal blockade on Qatar and took a number of measures designed to harm Qatar, its economy and its countries. residents.
The cases are named Bank Havilland, based in Luxembourg, First Abu Bank (FAB) United Arab Emirates and Samba Bank in Saudi Arabia, according to information collected by Reuters and a statement from the communication office of the Government of Qatar (GCO). He also named as defendant an individual at the Havilland Bank, Vladimir Bolelyy, responsible for the preparation of Qatar's financial market plan.
In this case, Qatar alleges that Bank Havilland developed a plan to weaken the country's currency on key composite indices by submitting thousands of "fictitious and depreciated" citations, according to documents filed by the court.
"But the quotes were false, FAB, Samba Bank and others repeatedly refused to deal with counterparties to the prices they quoted in public," the documents said.
Due to the manipulative behavior of the defendants, Qatar and many investors have been harmed in New York, the statement added.
The lawsuits were filed on the basis of an investigation opened by Doha on the manipulation of the market, according to the statement, which indicated that a lawsuit could be brought as long as the investigation was continuing. .
"This manipulation of the financial markets has violated all accepted standards of behavior and will not be left unchecked.The efforts to undermine confidence in the Qatari Riyal and Qatar have failed, but they have nonetheless resulted in economic losses and Qatar is obliged to take the necessary actions to hold financial institutions accountable for engaging in illegal market manipulation, "the statement said.
Qatar's central bank has opened an investigation into allegations of manipulation in late 2017 after saying unidentified banks were trying to attack the riyal by trading them at artificially low levels – to create an illusion that Qatar's economy collapsed.
"Qatar is seeking to hold FAB, Samba Bank and unknown defendants of John Doe conspiring with them responsible for the damages they have caused in Qatar, as well as punitive damages and legal interest," the documents said. .
They further added that Qatar also sought to hold Bank Havilland for the same responsibility.
Qatar has already initiated prosecutions against the four countries before the International Court of Justice, the International Civil Aviation Organization and the World Trade Organization.
In July 2018, the International Court of Justice issued a judgment indicating provisional measures in favor of Qataris, discriminated against by cohesive Emirati measures, he noted.
First Abu Dhabi Bank declined to comment, while Bank Havilland and Samba Bank did not immediately respond to requests for comment.
First Abu Dhabi Bank is the largest lender in the United Arab Emirates, while Samba is one of Saudi Arabia's largest banks.
With more than $ 300 billion in central bank reserves and sovereign wealth fund assets, bankers believe that Qatar has enough financial firepower to block the attacks of its currency.
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