The Abu Dhabi Global Market (ADGM) registration authority has announced financial penalties against Haf Moon Investments Limited and three of its executives due to non-compliance with legal obligations related to submitting accounts and reports within the designated deadline.
The company, along with its executives—Shaukat Murad, Zia Murad, and Manuel Matheus—failed to meet the requirements for filing financial statements for the fiscal year ending December 31, 2023, during the stipulated filing period. As a result, the total fines imposed by the authority amount to $37,500: $7,500 for the company and $10,000 each for the executives.
It is the responsibility of the directors of most licensed entities in ADGM to file annual reports and accounts on behalf of their companies. The authority therefore expects full compliance from all entities and corporate directors to contribute to a culture of ongoing regulatory compliance.
The ADGM registration authority also pointed out that these violations are not isolated instances. Similar financial penalties were imposed back in March 2023 against Haf Moon Investments Limited and its executives for the same infractions concerning the fiscal year ending December 31, 2021.
This action reinforces the ADGM’s commitment to uphold international standards related to financial reporting, including requirements set forth by the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The ADGM registration authority stated that accurate and timely submission of corporate reports strengthens transparency and market integrity. Company directors are urged to take all necessary measures to fulfill their obligations in submitting accounts and reports within the specified timeframe. The authority will continue to implement necessary measures to reinforce this commitment and establish principles of accountability within the regulatory environment.