Qatar sues Saudi, UAE and Luxembourg banks on forex manipulation

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Qatar sues Saudi, UAE and Luxembourg banks on forex manipulation

On Monday, the 8th of April, Qatar’s financial watchdog had filed lawsuit against three banks over allegations of triggering billions of dollars of damages to the nation’s economy by instilling measures, what it had been calling foreign currency manipulation in the face of an Arab boycott against Qatar in 2017.

According to legal filings seen by a press agency, the cases were filed in London and New York. Besides, followed by the filing of lawsuits, Qatar’s government communication office had issued a statement saying that the cases were filed against the Luxembourg-based Banque Havilland, Saudi Arabia’s Samba Bank and the UAE’s First Abu Dhabi Bank, while there had been no immediate responses from the accused multinational lenders.

According to the court filings, Qatari financial watchdog had accused Banque Havilland, Samba bank and First Abu Dhabi Bank of weakening the country’s currency by spreading thousands of fictitious quotes and financial propaganda.

Adding that the quotes were deceiving, the filings said, “As the quotes were phony, FAB, Samba Bank, and others repeatedly refused to transact with counterparties at the prices they were quoting in public”. The lawsuit had been the latest illustration of a divided Gulf movement, the racket of which had first been heard in 2017, when Saudi, UAE, Egypt and Bahrain had inclined a financial boycott on Qatar, accusing it of supporting Iran and other Islamic militants.