International Finance

First Abu Dhabi Bank denies Qatar disclosure allegations

The Qatar Financial Authority imposed a fine of $55 million for obstructing a probe into the case

First Abu Dhabi Bank rejected allegations by Qatar Financial Centre Regulatory Authority claiming that the bank’s branch in Qatar has not submitted its financial disclosure statements yet.

First Abu Dhabi Bank retaliated to the allegations through a statement. According to the statement the bank stated that the allegations are entirely false. The allegation is an outcome to the ban placed on diplomatic relations with Qatar by the United Arab Emirates along with several other countries, the bank claimed.

First Abu Dhabi National Bank has always followed the rules and regulations of all the jurisdictions in which it operates. Despite the false claims, the bank tried to make efforts to resolve the matter with the Qatar Financial Authority.

The Qatar Financial Authority further placed a $55 million fine claiming that the bank obstructed a probe into suspected market manipulation.

The Qatar Financial Authority stated that an investigation into the matter began in March 2018. The authority further asked the bank to provide the required documents and trading records related to the case. The fine imposed on the bank reflects the gravity of the situation, the authority said.

First Abu Dhabi Bank earlier announced the closing down of its branch in Qatar. A spokesperson of the bank commented that baseless actions from the Qatar Authority have made the working of the bank in the country impossible. Therefore, the bank is still in the process of imposing a complete shutdown of all operations concerned with the Qatar branch.

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