Abu Dhabi Global Market’s Registration Authority imposed a $3.8 million penalty on Half Moon Investments and its directors for failing to meet annual filing deadlines.
Abu Dhabi Global Market’s (ADGM) Registration Authority (RA) has imposed a $3.8 million penalty on Half Moon Investments Limited and its three directors for failing to meet filing deadlines. The substantial fine highlights the importance of complying with ADGM’s filing and governance requirements, as well as the consequences for non-compliance.
Half Moon Investments Limited and its current directors, Manuel Mateos, Shaukat Murad, and Zia Murad, faced the penalty due to their failure to file the company’s annual accounts and reports by the required deadline set by the RA. Despite being granted timeline extensions, the company and its directors defaulted in filing the necessary documentation for the financial year ending 31 December 2021.
The financial penalty is divided among the company and its directors, with Half Moon Investments Limited fined $8,000 and each of the three directors, Manuel Mateos, Shaukat Murad, and Zia Murad, receiving a $10,000 fine. The substantial fines serve as a reminder of the importance of fulfilling key legal obligations for ADGM-registered companies under the ADGM’s companies’ regulations.
Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority, emphasized the significance of these filing requirements, stating, “ADGM registered companies and their directors must take reasonable steps to ensure that annual filing requirements are met within the set timelines.” He added that the fines reflect the gravity of contravening these regulations and reiterated the RA’s commitment to promoting compliance with filing and governance requirements.
The ADGM’s strict enforcement of these rules is designed to ensure a transparent and well-regulated business environment in the financial center. Companies registered with the ADGM are expected to adhere to these regulations to maintain the market’s integrity and reputation.
This enforcement action serves as a stern warning to other companies and their directors in the ADGM to prioritize compliance with filing and governance requirements. The substantial penalty demonstrates the seriousness with which the RA treats such violations and its commitment to maintaining a robust and transparent financial market.
