Upper Tribunal finds that Banque Havilland devised a plan to harm the Qatari economy

Summary

The Upper Tribunal has upheld the FCA’s decision that Rangecourt SA (formerly Banque Havilland), Edmund Rowland, the former London CEO and Vladimir Bolelyy, a former Bank employee, acted without integrity. The Tribunal agreed with the FCA that significant fines should be imposed, deciding that fines of £4m, £352,000 and £14,200 were appropriate for Rangecourt SA, Mr Rowland and Mr Bolelyy respectively. The Tribunal also upheld the FCA’s decision to ban Mr Rowland and Mr Bolelyy from working i...