Abu Dhabi: The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has imposed financial penalties against Half Moon Investments Limited (Half Moon) and its current directors, for failure to file annual accounts and reports by the specified timeline under the RA’s administered legislation.

The RA found that Half Moon and its three current directors, Manuel Mateos, Shaukat Murad and Zia Murad defaulted in filing accounts and reports for the financial year ending 31 December 2021 by the end of the set period and timelines for fulfilling this obligation, despite timeline extensions granted by the RA to Half Moon.

The RA imposed the following financial penalties:

  • USD 8,000 on Half Moon;
  • USD 10,000 on Manuel Mateos;
  • USD 10,000 on Shaukat Murad; and
  • USD 10,000 on Zia Murad.

Filing accounts and reports with the RA is a key legal obligation for ADGM registered companies under ADGM’s companies regulations and in adherence to international standards concerning the provision of accounts, such as the Global Forum on Transparency and Exchange of Information for Tax Purposes. The RA expects its applicable registered companies to file annual accounts and reports within the specified timelines under the RA’s administered legislation to protect the interests of ADGM and its direct and indirect users.  

Hamad Sayah Al Mazrouei, Chief Executive Officer of the RA, said: “ADGM registered companies and their directors must take reasonable steps to ensure that annual filing requirements are met within the set timelines. The amount of these fines reflects the seriousness of accounts and reports filing contraventions. The RA will continue to take all necessary actions to promote compliance with its filing and other governance requirements”.

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About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island which is designated as the financial free zone of Abu Dhabi.

ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse and progressively governed financial hubs.

For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

For media queries please contact: 
Simon Hailes 
Head of Middle East  
Edelman Smithfield
E: simon.hailes@edelmansmithfield.com  

Kaja Mhisen
Corporate Communications, ADGM 
E: media@adgm.com