Image Credit: Photo Clint Egbert/Gulf News
Dubai: First Abu Dhabi Bank (FAB) on Monday refuted reports that its US unit conducted financial transactions meant to manipulate the Qatari currency, saying it was “surprised” by the allegations.
The comments follow a Reuters report on Sunday that said Qatar has asked US regulators to investigate the American subsidiary of FAB, accusing it of conducting foreign exchange deals designed to harm Qatar’s economy.
The Reuters report said that lawyers asked the US Commodity Futures Trading Commission to investigate possible manipulation of Qatar’s currency by the FAB unit.
“Following recent media speculation, we are surprised to read news reports containing rumours, alleging that First Abu Dhabi Bank conducted transactions with the intent to manipulate the Qatari riyal,” FAB’s statement said.
“FAB categorically refutes these rumours. FAB conducts its business in accordance with the highest professional standards and complies with the laws and regulations of the jurisdictions in which it operates.”
The statement added that FAB maintains strong relationship with regulators around the world and engages in dialogue to ensure it is fully compliant with the latest legal and regulatory requirements.
On June 5, the UAE, Saudi Arabia, Egypt, and Bahrain severed their diplomatic, trade, and travel ties with Qatar, accusing it of supporting extremists and funding terrorism.
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