Upper Tribunal upholds Financial Conduct Authority decision with GBP 4m fine for Rangecourt SA and bans for former executives

The Financial Conduct Authority reported that the Upper Tribunal has upheld its decision that Rangecourt SA, formerly Banque Havilland, and two former senior individuals, former London CEO Edmund Rowland and former employee Vladimir Bolelyy, acted without integrity. The Tribunal endorsed the imposition of significant penalties, setting fines at GBP 4m for Rangecourt SA, GBP 352,000 for Mr Rowland and GBP 14,200 for Mr Bolelyy, and upholding the FCA’s bans on Mr Rowland and Mr Bolelyy from working in financial services. The case centred on a plan created by Banque Havilland, initially titled “Setting fire to the neighbour’s house fund”, which used manipulative trading strategies aimed at devaluing the Qatari riyal and breaking its peg to the US dollar, with the stated aim of harming Qatar’s economy. The strategy was intended to be presented to Mubadala Investment Company, and the Tribunal found Mr Rowland and Mr Bolelyy were instrumental in the misconduct, including findings that Mr Rowland lied to the FCA and in court and persuaded Mr Bolelyy to lie. The FCA had proposed a GBP 10m fine for Banque Havilland, but the Tribunal determined a GBP 4m fine was appropriate, and the FCA noted it had previously fined David Weller GBP 54,000 for his role, with no Tribunal referral.