Upper Tribunal confirms Banque Havilland plan to harm Qatari economy
The Upper Tribunal has upheld the Financial Conduct Authority's decision that Rangecourt SA (formerly Banque Havilland), Edmund Rowland, and Vladimir Bolelyy acted without integrity. Significant fines and bans from financial services were imposed for their plan to manipulate the Qatari Riyal.
Manipulative scheme targeted Qatari Riyal
Banque Havilland, now known as Rangecourt SA, devised a plan, initially titled 'Setting fire to the neighbour's house fund', to devalue the Qatari Riyal and break its peg to the US Dollar.
This manipulative trading strategy aimed to harm Qatar's economy and was intended to be presented to a sovereign wealth fund, Mubadala Investment Company.
Edmund Rowland, the former London CEO, and Vladimir Bolelyy, a former Bank employee, were instrumental in this deliberate misconduct.
The Upper Tribunal upheld the Financial Conduct Authority's (FCA) decision that these individuals and the bank acted without integrity.
Mr. Rowland was motivated by securing future financial benefit for Banque Havilland and his family.
The Tribunal found that Mr. Rowland lied to both the FCA and in court, and persuaded Mr. Bolelyy to lie as well.
Reduced fines, upheld bans
The Upper Tribunal agreed with the FCA that significant fines should be imposed, determining that Rangecourt SA should pay £4 million, Mr. Rowland £352,000, and Mr. Bolelyy £14,200. These fines are lower than the £10 million initially proposed by the FCA for Banque Havilland.
The Tribunal also upheld the FCA's decision to ban both Mr. Rowland and Mr. Bolelyy from working in financial services.
Banque Havilland changed its name to Rangecourt S.A. shortly before the Tribunal hearing began.
Separately, David Weller was fined £54,000 for his role in the misconduct, a decision he did not refer to the Tribunal.
David Rowland, Edmund Rowland's father, also referred the Decision Notices to the Tribunal, but his references were dismissed.
A clear message against market manipulation
This ruling sends a clear message about the severe consequences for financial institutions and individuals engaging in market manipulation, especially when targeting national economies.
The Tribunal's decision, while adjusting the fine, unequivocally supports the FCA's stance on integrity and accountability in financial services.
It reinforces the critical importance of ethical conduct and transparency across the industry.