Emirates News Agency – Registration body of ADGM fines Half Moon USD 38,000

ABU DHABI, 30th March, 2023 (WAM) — The Abu Dhabi Global Markets (ADGM) Registry, RA, has fined Half Moon Investments Limited (Half Moon) and its current directors for failing to file annual Accounts and reports are made in accordance with the schedule prescribed by the RA’s governing legislation.

The RA found that Half Moon and its three current directors, Manuel Mateos, Shaukat Murad and Zia Murad, failed to file their accounts and reports for the financial year ending December 31, 2021 by the end of the stipulated deadline and timetable despite the timetable The RA grants a half-month extension.

The RA imposed the following financial penalties:

– USD 8,000 for half a month;
-Manuel Mateos $10,000;
– Shaukat Murad $10,000; and
– $10,000 is Zia Murad.

Filing accounts and reporting to the RA is an important legal obligation of ADGM registered companies in accordance with ADGM’s Companies Regulations and compliance with international standards for providing accounts, such as the Global Forum on Tax Transparency and Exchange of Information. The RA expects its applicable registered companies to file annual accounts and reports within the prescribed timeframes in accordance with the RA’s governing legislation, in order to protect the interests of ADGM and its direct and indirect users.

Hamad Sayah Al Mazrouei, Chief Executive Officer of RA, said: “ADGM registered companies and their directors must take reasonable steps to ensure that the annual reporting requirements are met within the stipulated time. The magnitude of these fines reflects the seriousness of the account and reporting breaches. RA will Continue to take all necessary actions to facilitate compliance with its filing and other governance requirements.”