Print Article

Banque Havilland and its managers are fined for trying to devalue the Qatari Riyal


The FCA has decided to fine

  • Banque Havilland £10m;
  • Its former London branch CEO, Edmund Rowland, £352,000;
  • David Weller, a former London branch senior manager, £54,000; and
  • Vladimir Bolelyy, a former London branch employee, £14,200.

The FCA has decided to ban all x3 individuals from working in financial services.

The FCA considers that between September and November 2017, Banque Havilland

  • Acted without integrity by creating and disseminating a document which contained manipulative trading strategies aimed at creating a false or misleading impression as to the market in, or the price of, Qatari bonds.
  • The objective was to devalue the Qatari Riyal and break its peg to the US Dollar, thereby harming the economy of Qatar.

Banque Havilland

  • Intended to present the document to representatives of countries it considered might have reasons to want to put economic pressure on Qatar, including the United Arab Emirates, as a way of marketing its services.

The FCA has not found that the strategy in the document was implemented. However, such manipulative trading could have been a criminal offence, had it taken place in the UK.

The FCA found that

  • Mr Edmund Rowland tasked Mr Bolelyy to draft the document and Mr Weller made a significant contribution to the content.
  • Later, Mr Edmund Rowland and Mr Bolelyy disseminated the document, including by providing a copy to a representative of an Abu Dhabi sovereign wealth fund.

In the FCA’s view,

  • The actions of Mr Edmund Rowland and Mr Weller are particularly serious, as both held positions of significant influence and were involved in the creation of the document.

The FCA considers that Mr Edmund Rowland, Mr Weller and Mr Bolelyy failed to act with integrity and that they are not fit and proper persons to perform any function in relation to any regulated activities.

Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said:

  • 'Banque Havilland’s conduct actively encouraged the commission of financial crime, providing ideas for manipulative trading to someone it saw as having the political motivation to be potentially interested in such ideas.
  • It barely needs stating, but such conduct is completely unacceptable.
  • 'The misconduct of Mr Edmund Rowland and Mr Boleyy was deliberate.
  • Mr Weller claimed to have believed that the other two were joking around but as a senior manager he behaved recklessly.
  • There was an obvious risk of impropriety and he willingly took that risk without seeking any assurances that things would go no further.'


The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email