News

The Registration Authority (RA) of ADGM has fined Avante Limited (Avante), an ADGM registered entity, and Khaldoon Bushnaq (Bushnaq), Director at Avante.

The RA imposed the following financial penalties totalling USD 32,300 for contraventions of the commercial legislation, including providing false or misleading information, and the concealment of documents.

• USD 16,000 against Avante; and
• USD 16,300 against Bushnaq.

Avante is also required to pay an additional USD 10,000 towards the RA’s investigation costs.

The RA commenced an investigation after it identified that a document had been submitted to a UAE-based bank, which contained a falsified stamp and authentication code purporting to have been issued by the RA.

During the course of its investigation, the RA also concluded that Avante provided false and misleading information to the RA and that Bushnaq concealed documents. The RA also concluded that Bushnaq failed to take adequate precautions to guard against the falsification of company records.

The Registration Authority said, “These are serious contraventions of ADGM’s commercial legislation. The RA will take action against licenced persons who provide us with false and misleading information or conceal documents. 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. "

Avante and Bushnaq each agreed to settle the RA’s action against them.  In reaching the settlement, the RA applied a 20% settlement discount to the fines, which it would have otherwise sought to impose.

To access a copy of the Final Notices describing the contraventions, click on the following links:

• Avante Final Notice
• Bushnaq Final Notice