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First Abu Dhabi Bank fined 200M riyals for blocking probe

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First Abu Dhabi Bank fined 200M riyals for blocking probe

The Qatar Financial Center Regulatory Authority fined First Abu Dhabi Bank PJSC 200 million Qatari riyals for blocking an ongoing investigation into suspected market manipulation by the bank.

The regulator said in an Aug. 25 statement that the bank had failed to provide the trading records and documentation relevant to the investigation and also refused to confirm that the documents would be kept safe. Despite the lack of cooperation from the bank, the investigation will continue, the regulator said. Additional penalty could be imposed on the bank based on the findings of the investigation.

In 2018, Qatar accused First Abu Dhabi Bank of manipulating Qatari currency and securities markets amid a Saudi-led boycott on the country, urging U.S. authorities to investigate the matter.

First Abu Dhabi Bank can file an appeal against the decision with Qatar Financial Center Regulatory Tribunal. It denied allegations that its branch in the Qatar Financial Center did not provide the required disclosures.

As of Aug. 23, US$1 was equivalent to 3.64 Qatari riyals.