Tribunal Upholds FCA Findings in Serious Market Integrity Case

The Upper Tribunal has upheld the FCA’s decision that Rangecourt SA (formerly Banque Havilland), its former London CEO Edmund Rowland, and former employee Vladimir Bolelyy acted without integrity in a case involving deliberate market manipulation.

The Tribunal agreed with the FCA that the misconduct warranted significant penalties. It confirmed fines of £4 million for Rangecourt SA, £352,000 for Mr Rowland, and £14,200 for Mr Bolelyy. In addition, the Tribunal upheld the FCA’s decision to ban both Mr Rowland and Mr Bolelyy from working in financial services.

Deliberate Market Manipulation

At the centre of the case was a strategy developed by Banque Havilland, originally titled “Setting fire to the neighbour’s house fund”. The plan involved using manipulative trading strategies designed to undermine the Qatari Riyal, with the intention of breaking its peg to the US Dollar and causing harm to Qatar’s economy.

The bank intended to present this strategy to a sovereign wealth fund, Mubadala Investment Company. The Tribunal found that Mr Rowland and Mr Bolelyy played key roles in advancing this plan, which represented a serious breach of market integrity.

Personal Motives and Lack of Integrity

The Tribunal concluded that Mr Rowland sought to impress Mubadala in the hope of securing future financial benefits for Banque Havilland and his family. In reaching its decision, the Tribunal found that Mr Rowland lied to the FCA and provided false evidence to the court. It also determined that he persuaded Mr Bolelyy to do the same.

These findings highlighted a sustained pattern of dishonest behaviour and a clear lack of integrity at senior levels.

A Strong Message from the Regulator

“Motivated by greed, Banque Havilland, Mr Rowland and Mr Bolelyy had a plan to seriously damage the Qatari economy. It is right that they have been held to account.”

— Steve Smart, Executive Director of Enforcement and Market Oversight, FCA

This decision reinforces the FCA’s commitment to protecting market integrity and holding firms and individuals accountable for serious misconduct. It sends a clear signal that deliberate attempts to manipulate markets or mislead regulators will result in strong and lasting consequences.