The Abu Dhabi Global Market Square. ARCHIVE

An Abu Dhabi-based free zone company, Avante Limited, and its director, Khaldoon Bushnaq, have been fined a total of Dh118,500 for falsifying documents and obstructing an official investigation, the Abu Dhabi Global Market (ADGM) announced. The investigation began after Avante submitted a document with a falsified stamp and authentication code to a UAE-based bank, purportedly issued by ADGM’s Registration Authority (RA). Further inquiries revealed that the company provided misleading information and concealed crucial documents. Avante was fined Dh58,700, while Bushnaq faced a separate penalty of Dh59,800. The company was also required to pay Dh36,700 to cover the investigation’s costs. "These are serious contraventions of ADGM’s commercial legislation," the RA said in a statement. The RA emphasized its zero-tolerance policy toward falsification of records and non-cooperation during investigations. "Such conduct adversely affects our operations and increases investigative costs. Licensed entities are expected to engage transparently and adhere to regulations," it added. The violations have highlighted the importance of corporate compliance within ADGM, which governs Abu Dhabi’s financial free zone, including Al Maryah and Al Reem Islands. To resolve the matter, Avante and Bushnaq agreed to a settlement, which included a 20 percent reduction in fines. The RA, however, reiterated its commitment to holding violators accountable. "This serves as a reminder to all businesses operating in ADGM of the necessity to uphold ethical practices and ensure accurate documentation," the RA concluded. ICA/Expat Media
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