Abu Dhabi Global Market (ADGM), the emirate's financial centre, has imposed fines on and disbarred an executive of a registered company for fraudulent trading.
This followed the proceedings against Elia Investments Limited (Elia) and its sole shareholder and former director, Babar Abbas, by the Registration Authority (RA) of the financial centre.
Abbas was found to have engaged in two instances of fraudulent trading contrary to the Companies Regulations 2020 (CR 2020) as well as making a false statement to the RA related to Elia, the authority said in a statement on Tuesday.
Abbas was fined $100,000 for fraudulent trading and $25,000 for making a false statement to it.
In addition, the authority has disqualified Abbas from being a director of any ADGM company for a period of 15 years, the maximum period allowed.
(Writing by Brinda Darasha; editing by Seban Scaria)