Banque Havilland Investigated by FCA Over Qatar FX Manipulation - Bloomberg:
David Rowland’s Banque Havilland SA faces investigations by Britain’s financial regulator over its role in what the Qatari government has called a “brazen scheme” to manipulate currency and bond markets during an embargo that cost the Gulf nation billions.
The bank, which has historic ties to Abu Dhabi, told the Qataris that it is preparing for litigation with the U.K.’s Financial Conduct Authority and its Luxembourg counterpart, according to a Qatari filing for a U.K. court hearing. The lender has had communications with both regulators, a lawyer for the bank said March 5 outside of court.
Qatar sued Banque Havilland in London last year, accusing the lender of leading a financial attack with the aim of destabilizing the Qatari riyal at the same time as its Gulf neighbors blockaded the gas-rich nation. It’s relying on a presentation prepared by a Banque Havilland analyst that Qatar says detailed an attempt to deplete the country’s reserves and damage its ability to host soccer’s 2022 World Cup.
“Banque Havilland cooperates fully with its regulators,” the lender said in an email. “Insofar as the bank is responding to allegations raised by the government of Qatar, the proceedings
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