A company based in the Abu Dhabi free zone has been fined $32,000 (Dh118,500) for multiple violations, including submitting false information and withholding important documents, authorities confirmed on Friday.
The Abu Dhabi Global Market (ADGM) Registration Authority (RA) imposed penalties on Avante Limited, a registered entity under ADGM, and its director, Khaldoon Bushnaq. Avante was fined $16,000 (Dh58,700), while Bushnaq received a separate fine of $16,300 (Dh59,800). Additionally, Avante was ordered to pay $10,000 (Dh36,700) to cover the RA’s investigation costs.
Investigation Details
The ADGM launched an investigation after a falsified stamp and authentication code were found on a document submitted by Avante to a UAE-based bank. The document falsely claimed to have been authenticated by the RA.
During the investigation, the RA discovered that Avante had provided false and misleading information. It also concluded that Bushnaq concealed documents and failed to implement measures to prevent record falsification.
“These violations are significant breaches of ADGM’s commercial regulations,” the ADGM stated. “We take strict action against those who provide false or misleading information or hide documents.”
Impacts on the Investigation
The RA explained that the misconduct by Avante and its director delayed the investigation and increased its costs unnecessarily. “We have little tolerance for anyone who obstructs our investigations. Licensed entities are expected to cooperate and act transparently,” the statement emphasized.
Settlement and Discounts
Avante and Bushnaq agreed to settle the case, with the RA offering a 20% discount on the penalties as part of the settlement.
The ADGM oversees the financial free zone across Al Maryah Island and Al Reem Island in Abu Dhabi.
