Avante Limited, a company operating in the Abu Dhabi Global Market (ADGM), has been fined a total of Dh118,500 for submitting falsified documents and concealing information during an investigation. The company was found to have presented a fake stamp and authentication code on a document submitted to a UAE-based bank, which was purported to be issued by ADGM’s registration authority (RA).
Following the investigation, ADGM imposed a penalty of Dh58,700 on Avante and Dh59,800 on its director, Khaldoon Bushnaq. Additionally, Avante was required to pay Dh36,700 to cover the costs of the investigation. This fine underscores the seriousness of obstructing regulatory authorities and misrepresenting information, actions that can undermine the integrity of the financial system.
The ADGM has a strict stance on such violations, emphasizing that licensed entities must comply with transparency requirements. The authority stated that any conduct that obstructs or hinders investigations is unacceptable, as it can result in unnecessary expenses and delays in the regulatory process. ADGM also reiterated its commitment to upholding the commercial legislation of the financial free zones of Al Maryah and Al Reem Islands.
In response to the charges, both Avante and Bushnaq reached a settlement with ADGM, agreeing to the imposed fines. The RA applied a 20% discount to the fines as part of the settlement agreement, which was accepted by the parties involved. The incident serves as a reminder of the importance of maintaining integrity and transparency in all business dealings, especially within regulated environments such as ADGM.
This case highlights ADGM’s commitment to maintaining a robust regulatory framework and ensuring that all businesses within its jurisdiction operate with full compliance and accountability.
