A bank whose owner has links to Prince Andrew has been fined £10m for allegedly plotting to undermine Qatar’s currency.

Banque Havilland, a private bank headquartered in Luxembourg, was hit with the sanction after the City watchdog ruled that it attempted to use manipulative trading strategies to devalue the Qatari Riyal and harm the Gulf state’s economy.

Edmund Rowland, the bank’s former UK boss, David Weller, a former senior manager, and Vladimir Bolelyy, an-ex London-based employee, were also handed fines totalling more than £400,000 and banned by the regulator as part of the investigation.

Banque Havilland, Mr Rowland and Mr Bolelyy have appealed the findings to an independent tribunal.

Mr Rowland is the son of Conservative Party donor David “Spotty” Rowland, who is also the owner of Banque Havilland.

Mr Rowland declined to comment at the time on the alleged loan repayment and a spokesman for Prince Andrew said at the time that the Duke was “entitled to a degree of privacy in conducting his entirely legitimate personal financial affairs, on which all appropriate accounting measures are undertaken and all taxes duly paid.”

Neither commented on the allegation that Prince Andrew helped Mr Rowland establish a bank in Monaco.