Story perspectives

Banque Havilland's Penalty Cut to £4 Million for Currency Manipulation

2/4/2026

Summary

Story summary

The Upper Tribunal reduced Banque Havilland's penalties from £10 million to £4 million for a scheme to devalue the Qatari riyal.
Banque Havilland, a Luxembourg-based bank now known as Rangecourt, devised a manipulative trading strategy to harm the Qatari riyal during the 2017 regional blockade.
Edmund Rowland, the former chief executive of Banque Havilland, and Vladimir Bolelyy, an employee, received fines and lifetime bans from financial services.

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Story summary

The Upper Tribunal reduced Banque Havilland's penalties from £10 million to £4 million for a scheme to devalue the Qatari riyal.
Banque Havilland, a Luxembourg-based bank now known as Rangecourt, devised a manipulative trading strategy to harm the Qatari riyal during the 2017 regional blockade.
Edmund Rowland, the former chief executive of Banque Havilland, and Vladimir Bolelyy, an employee, received fines and lifetime bans from financial services.