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The manager of the company who should have ensured that the requirements were met was also penalized
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File photo for illustration purposes
Authorities in Abu Dhabi have fined an investment company and its current manager a hefty fine for failing to submit its annual report by the stipulated deadline.
The Abu Dhabi Global Market (ADGM) registry found that the company and three of its directors had not filed their reports for the financial year ending December 31, 2021, despite the extension of the deadline.
Hamad Sayyah Al Mazrouei, Chief Executive Officer of ADGM Registry, said that managers of companies registered in the market must ensure that they meet all regulatory requirements. He added that by imposing these fines, the entity wanted to emphasize that it was taking breaches seriously.
Authorities have vowed to take all necessary action to strengthen compliance with rules such as reporting requirements.
Filing accounts and reporting to the Registrar is a primary legal obligation of ADGM registered companies in accordance with regulations and international standards related to providing accounts, such as the Global Forum on Tax Transparency and Exchange of Information.
The Registrar expects companies to file accounts and annual reports within stipulated deadlines to protect the interests of ADGM and its direct and indirect distributors.
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