Today's Edition
ABU DHABI (ALETIHAD)
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has imposed financial penalties totalling $37,500 against Half Moon Investments Limited (HMIL) and its three directors for failing to comply with statutory filing requirements.
The RA said HMIL and its directors, Shaukat Murad, Zia Murad and Manuel Mateos, did not file accounts and reports for the financial year ending December 31, 2023 within the statutory deadline. As a result, fines were levied as follows: $7,500 against HMIL and $10,000 each against the three directors.
The authority emphasised that it is the responsibility of directors of ADGM-licensed entities to ensure timely submission of accounts and reports, underscoring the role of accurate corporate reporting in fostering transparency and strengthening market integrity. “Company directors must take reasonable steps to ensure that their duty to file accounts and reports with the Registrar is fulfilled and that those accounts and reports are delivered within the period for filing,” the RA said.
The regulator also noted that the contraventions were repetitive. In March 2023, HMIL and its directors were fined for the same failure to file accounts and reports for the financial year ending December 31, 2021.
The RA highlighted that its enforcement actions align with international commitments and standards, including those of the Organisation for Economic Co-operation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes. It reaffirmed its commitment to ensuring compliance, accountability, and the integrity of the regulatory system within ADGM.
