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

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QFCRA files legal action in New York to enforce judgment against First Abu Dhabi Bank
The Qatar Financial Centre Regulatory Authority (QFCRA) announced Tuesday that it has commenced legal proceedings in New York to compel First Abu Dhabi Bank (FAB) to pay a court ordered judgment debt in the amount of QR200,000,000 (USD 55 million). The action has been filed in New York to recover the amount due to the QFCRA from assets held by FAB in New York, QFCRA said in a press statement 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 court’s judgment under well-recognised measures for international enforcement of money

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