A Qatari regulator said on Sunday it had fined First Abu Dhabi Bank 200 million Qatari riyals ($55 million) for obstructing an ongoing investigation into suspected market manipulation.
Qatar last year alleged that First Abu Dhabi Bank, the United Arab Emirates' largest lender, made "bogus" foreign exchange deals to harm Qatar's economy after the UAE and other Arab states began a boycott of Qatar in 2017, a charge FAB has denied.
The Regulatory Authority of Qatar Financial Center (QFC) began an investigation in March 2018 into the suspected manipulation of the Qatari riyal, Qatari government securities and related financial instruments.
Qatar has also asked U.S. regulators to investigate the U.S. unit of FAB on similar grounds.
In a statement on Sunday, the QFC regulator said the fine was a result of FAB's failure to "provide copies of the relevant trading records and related documentation" needed for the investigation despite a Qatari court order to do so. A FAB spokesman did not immediately respond to a request for comment. FAB said in June it was closing its sole branch in Qatar after the regulator placed restrictions on the bank that would prohibit it from undertaking new business.
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