The Abu Dhabi Global Market (ADGM) Registration Authority (RA) has issued fines totalling $32,300 against Avante Limited, an ADGM-registered entity, and its Director, Khaldoon Bushnaq, for violations of commercial legislation.
The penalties are as follows:
- $16,000 against Avante Limited.
- $16,300 against Khaldoon Bushnaq.
Additionally, Avante Limited is required to pay $10,000 towards the RA’s investigation costs.
Investigation and findings
The RA launched an investigation upon discovering a falsified stamp and authentication code, purportedly issued by the RA, on a document submitted by Avante Limited to a UAE-based bank.
Key findings include:
- Avante Limited provided false and misleading information to the RA.
- Khaldoon Bushnaq concealed documents during the investigation.
- Bushnaq failed to implement adequate measures to prevent the falsification of company records.
The RA stated that the conduct of Avante and Bushnaq impeded the investigation, resulting in increased costs for the RA.
Settlement
Avante Limited and Bushnaq agreed to settle the penalties. The RA applied a 20% settlement discount to the fines, which would have otherwise been higher.
The RA reaffirmed its commitment to taking action against entities and individuals who obstruct investigations or violate commercial legislation.
