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The Qatar Financial Center Regulatory Authority confirmed today, Tuesday, that it has started legal proceedings in the United States to force First Abu Dhabi Bank to pay a court-ordered fine of $ 55 million qatari.
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The authority said in a statement that “the bank failed to make a payment in the context of this final ruling by the Qatar Financial Center Civil and Commercial Court, which requires the QFC Regulatory Authority to take action to enforce the court’s decision, in the context of well-known procedures for the international enforcement of judgments. Financial, because Qatar will take these measures in the US state of New York.
In 2018, Qatar claimed that First Abu Dhabi Bank, which is the largest bank in the United Arab Emirates, carried out “bogus” foreign exchange transactions to harm the Qatari economy, after the United Arab Emirates and other Arab countries began a boycott of Qatar in 2017, according to Reuters.
The authority also opened an investigation in March 2018 into the “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 authorities imposed restrictions that would prevent it from doing new business.
It should be noted that the Qatar Regulatory Authority last year fined the largest UAE bank 200 million riyals, or $ 55 million, for obstructing an ongoing investigation into a possible market manipulation, an accusation the bank denies.
Source: “Reuters”
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