Unified UAE Legislation Database
Сompany and its director will pay AED 117,000 for false information and concealment of documents
Status
In force
Issuing Authority
ADGM
Effective date
XX.XX.XXXX
Official Link
https://
The ADGM Free Zone has ordered Avante Limited (Avante) company to pay a fine of AED 58,700, and its director to pay the same amount. In addition, the company will have to reimburse investigation costs of AED 36,700.
According to the ADGM, the company and its director violated the Commercial Licensing Regulations of 2015:
- the company submitted a document to the bank with a forged seal and a forged authentication code;
- the director concealed the documents and failed to take measures to prevent the forgery.
For co-operation during the investigation and agreenent to settle the claim, ADGM reduced both fines by 20%.
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UAE, ADGM - 28 November 2024
Original article: ADGM.com