A company operating within the Abu Dhabi free zone has been fined a total of $32,000 (Dh118,500) for multiple violations, including the provision of false information and document concealment, according to authorities' announcements on Friday.
The Abu Dhabi Global Market's (ADGM) Registration Authority (RA) imposed fines on Avante Limited (Avante), an ADGM-registered entity, and its director, Khaldoon Bushnaq. Avante was fined $16,000 (Dh58,700), while Bushnaq received a penalty of $16,300 (Dh59,800). Additionally, Avante was required to contribute an extra $10,000 (Dh36,700) towards the RA's investigation costs.
The ADGM initiated an investigation after discovering that Avante had submitted a document to a UAE-based bank containing a falsified stamp and authentication code, purportedly issued by the RA. During the investigation, the RA determined that Avante had provided false and misleading information, and that Bushnaq had concealed relevant documents. Furthermore, the RA found that Bushnaq had not taken sufficient measures to prevent the falsification of company records.
"These are significant violations of ADGM's commercial regulations. The RA will not hesitate to take action against licensed individuals who supply us with false or misleading information or attempt to conceal documents," the ADGM stated in a release to Khaleej Times.
"The actions of Avante and Bushnaq also negatively impacted our investigation, leading to increased and unnecessary investigative costs for the RA. The RA has minimal tolerance for those who obstruct or hinder our investigations. It is crucial that licensed individuals cooperate with the RA in an open and transparent manner," the ADGM added.
Avante and Bushnaq consented to settle the charges against them. In reaching the settlement, the RA applied a 20-percent discount to the fines, according to the ADGM.
The ADGM oversees the entirety of Al Maryah Island and Al Reem Island, which together form Abu Dhabi's financial free zone.
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