QFCRA starts legal action in New York to enforce judgment against First Abu Dhabi Bank ...Qatar

The Qatar Financial Centre Regulatory Authority (QFCRA) announced on Tuesday that it has started legal proceedings against First Abu Dhabi Bank (FAB) at the Supreme Court in New York to compel the Bank to pay a court-ordered judgment debt, amounting to QR200mn ($55mn). The action has been filed in New York to recover the amount due to the QFCRA from assets held by FAB in New York, the QFCRA said in a press statement on Tuesday. FAB has failed to make payment against this final judgment rendered by the Civil and Commercial Court (QFC Court) in the Qatar Financial Centre (QFC), thereby requiring the QFCRA to take steps to enforce the courts judgment under recognised measures for international

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