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Qatar Financial Centre Regulatory Authority v First Abu Dhabi Bank P.J.S.C.

Court of First Instance
Case No. 11 of 2019
Neutral Citation
[2022] QIC (C) 1
Date
26 June 2022
Status
Keywords
Enhanced Interest
Financial Penalties
Interest
QFC Financial Services Regulations
QFCRA
Before
Christopher Grout
Summary

The Qatar International Court ruled in favor of the Qatar Financial Centre Regulatory Authority (QFCRA) against First Abu Dhabi Bank (FAB) regarding a QAR 200 million financial penalty. The penalty, imposed on August 21, 2019, was deemed a debt payable to QFCRA. The Court ordered FAB to pay interest from September 9, 2019, at a 5% rate per annum, increasing to 8% if unpaid 30 days post-judgment. FAB repeatedly evaded service and failed to engage in the process, leading to the Court's decision to impose the higher interest rate due to exceptional circumstances.

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Case No. 11 of 2019

  • Judgment No:

    [2020] QIC (F) 2

    27 February 2020
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