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A company in Abu Dhabi free zone has been fined a total of $32,000 (Dh118,500) for various violations, including providing false informations and concealing documents, authorities announced on Friday.
The Abu Dhabi Global Market's (ADGM) registration authority (RA) fined Avante Limited (Avante), an ADGM-registered entity, and its director, Khaldoon Bushnaq. A $16,000 (Dh58,700) penalty was imposed on Avante while Bushnaq was meted another $16,300 (Dh59,800).
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Avante was also required to pay an additional $10,000 (Dh36,700) towards the authority's investigation costs.
The ADGM opened an investigation after finding out that Avante submitted a document to a UAE-based bank and it contained a falsified stamp and authentication code purporting to have been issued by the RA.
During the course of its investigation, the RA concluded that Avante provided false and misleading information and that Bushnaq concealed documents. The RA also concluded that Bushnaq failed to take adequate precautions to prevent the falsification of company records.
“These are serious contraventions of ADGM’s commercial legislation. The RA will take action against licensed persons who provide us with false and misleading information or conceal documents,” the ADGM said in a statement sent to Khaleej Times.
“The conduct of Avante and Bushnaq also adversely affected our investigation, to the extent that it caused the RA to incur increased and otherwise unnecessary investigative costs. The RA has little tolerance for those who obstruct or hinder our investigations. It is essential that licensed persons engage with the RA in a cooperative and transparent manner,” ADGM added.
Avante and Bushnaq agreed to settle the action against them. In reaching the settlement, the RA applied a 20-per-cent settlement discount to the fines, the ADGM said.
The ADGM governs the entirety of Al Maryah Island and Al Reem Island — collectively designated as the financial free zone of Abu Dhabi.
angel@khaleejtimes.com
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