Authorities urged people to wear face masks and glasses when doing outdoor activities
world2 hours ago
First Abu Dhabi Bank (FAB) on Sunday rejected allegations by Qatar Financial Center Regulatory Authority (QFCRA) for obstructing a probe as the UAE's largest bank stressed that it was providing all relevant information required under the Qatar Financial Center laws to the authority.
"As stated previously, the allegations by the QFCRA in the QFC Courts are entirely false, and First Abu Dhabi Bank unequivocally denies them. It is not coincidental that the actions of the QFCRA take place at the time that the UAE, along with several other countries, have ended their diplomatic relations with the State of Qatar," said a FAB spokesperson on Sunday.
QFCRA on Sunday imposed a $55 million fine on the UAE lender for obstructing a probe into suspected market manipulation.
The bank stressed that it conducts its business in accordance with the highest professional standards and in full compliance with the laws and regulations of all the jurisdictions in which it operates.
"Although the QFCRA's allegations are false, FAB made good faith efforts to engage with the QFCRA to resolve the matter, with FAB's QFC branch providing all relevant and responsive information that it was required to disclose pursuant to QFC law. Any allegations that FAB's QFC branch failed to provide appropriate disclosures are false," said the spokesperson.
On June 19, FAB had informed QFCRA that it would relinquish its QFC branch licence and permanently close the branch.
The UAE lender is in the process of effecting an orderly wind-down of the QFC branch's operations, following many months of baseless actions by the QFCRA that have made it impossible for FAB's operations to continue in Qatar, said the spokesperson.
FAB shares fell 1.33 per cent to Dh14.82 on Sunday, in line with the decline across the Gulf markets due to US-China trade war.
waheedabbas@khaleejtimes.com
Authorities urged people to wear face masks and glasses when doing outdoor activities
world2 hours ago
In 10 years, all operations of Dubai International Airport will be transferred to Al Maktoum International
aviation3 hours ago
The meeting saw the formation of four technical committees, one for roads and infrastructure, one for houses and properties, one for dams and water facilities, and one for energy and water
uae3 hours ago
Distance learning also implemented due to nationwide transportation strike
asia3 hours ago
For prospective investors, it is worth considering if a future home would be rain-resilient enough to sustain any weather changes
realty4 hours ago
What happens if the employee fails to perform his duties due to circumstances beyond his control?
legal4 hours ago
Formation of convective clouds and varying rainfall intensities suggests the possibility of heavy rain in certain areas
weather5 hours ago
Who takes custody of kids under 18 if Muslim mother initiates divorce proceedings?
uae5 hours ago