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By Reuters Staff
2 Min Read
DUBAI (Reuters) - The Qatar Financial Centre Regulatory Authority (QFCRA) said on Tuesday it has started legal proceedings in New York to compel First Abu Dhabi Bank to pay $55 million in financial penalty imposed by a Qatari court.
The Qatari regulator last year had fined United Arab Emirates’ biggest bank 200 million riyals ($55 million) for obstructing an ongoing investigation into suspected market manipulation, a charge FAB denied.
“FAB has failed to make payment against this final judgment rendered by the Civil and Commercial Court (QFC Court) in the Qatar Financial Centre (QFC) thereby requiring the QFCRA to take steps to enforce the court’s judgment under well-recognised measures for international enforcement of money judgments,” the Qatari regulator said in a statement.
QFC honours Qatar’s strength, resilience in National Day celebration
17 Dec 2020 - 10:41
The Peninsula
Doha: The Qatar Financial Centre (QFC) Authority held a special virtual celebration of Qatar National Day 2020, centred on the faith foundations on which the country was founded, as conveyed in this year’s slogan, “We Praise You, O Possessor of the Throne, the Dominion and Bestowal. And are contented with Your Judgement in every deed”.
Commemorating Qatar’s distinguished culture, rich legacy and wealth, the QFC maintained its annual celebration to staff and the wider QFC community, while adhering to the COVID-19 precautionary measures. The digitised celebration also offered an ideal opportunity to reflect on the nation’s core values - freedom, strength, and resilience – and particularly in an unprecedented year of global economic slowdown brought about by the spread of pandemic.