ADGM Academy Jurisdiction Al Reem Expansion Authorities Initiatives ADGM Academy Dispute Resolution
A platform that offers limitless opportunities and paves the way for a brighter future

Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.

Read about Abu Dhabi's life style
Latest Initiatives ADGM Announces Incentive Initiative for Existing Al Reem Island Businesses Transitioning to ADGM ADGM Marks Its Presence on Al Reem by Hosting its First Community Event on the Island
Overview Business Areas Setting up Operating in Public Registers Legal Framework
Providing an environment that empowers the future

A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.

Find out how to set up in ADGM
Latest News The Registration Authority at ADGM Clarifies Registered Auditors' Eligibility for Auditing Taxable Persons ADQ Announced as the Headline Partner for Abu Dhabi Finance Week
Regulation Awareness Collaboration Ecosystem ADGM Sustainable
Preserve our economies and environment for future generations

ADGM, the centre for a transparent and thriving sustainable finance ecosystem.

More about our Sustainability vision
Highlights Abu Dhabi Sustainable Finance Forum’s COP28 Edition Deep-Dives into Nuances of “Building Green Financial Centres of the Future” ADGM, the Region's Leading Climate Finance Hub, Announces its Role as Principal Partner at COP28
Media News Events Spotlight Podcasts Publications
Stay up-to-date with our wide range of available resources

Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.

Read our latest news articles
Upcoming Events RESOLVE 2024
Support Make an enquiry Whistleblowing FAQs
We are here to help

At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.

View available support options
Some of our FAQ topics
  • Getting started
  • Foundations regime
  • Resolution for incorporation
  • Existing auditors
  • New auditors
  • ACCESSADGM
  • Discover

    News

    Media Announcements ADGM RA Imposes Financial Penalties on Mohammed Wasim Nazir and his ADGM Firms Download Arabic

    ADGM’s Registration Authority Imposes Financial Penalties of USD 144,000 on Mohammed Wasim Nazir and his ADGM Firms

    ADGM RA: 21 June 2023

    Download Arabic

    The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken enforcement actions against ADGM-registered companies HSQ Holdings Ltd (HSQ) and PL1 Holdings Ltd (PL1), and their ultimate beneficial owner and director Mr. Mohammed Wasim Nazir, by imposing financial penalties amounting to USD 144,000 for exceeding the scope of their Special Purpose Vehicle (SPV) licence, contravening ADGM’s companies regulations administered by the RA and providing false information to the RA.

    HSQ and PL1 were registered by the RA in 2019 to carry out the business activities of an (SPV) which is a passive entity and not an operational one. However, the RA found that both HSQ and PL1 exceeded the scope of their ADGM (SPV) licence by acting as managers of two residential investment properties located in the UAE.

    In 2021, Mr. Nazir as the director of HSQ and PL1 filed applications to voluntarily strike the companies’ names off the RA’s register. Mr. Nazir as part of the applications knowingly provided false information to the RA, claiming that the companies did not have any liabilities or prospective liabilities even though there were ongoing claims and disputes with the investment properties’ apartment owners.

    Further, the RA found that PL1 continued conducting business after submission of the voluntary strike-off application to the RA which is a contravention of ADGM’s companies regulations administered by the RA.

    In 2022, the RA commenced an investigation into the conduct of Mr. Nazir, HSQ and PL1. As part of the investigation, the RA required Mr. Nazir to provide specified information and documents that the RA considered relevant to the investigation. The RA found that Mr. Nazir concealed material information and documents in response to the RA requirement notices.

    Accordingly, the RA imposed the following financial penalties:

    • USD 114,000 on Mr. Nazir;
    • USD 15,000 on HSQ; and
    • USD 15,000 on PL1.

    The fines imposed reflect the seriousness of the several contraventions committed by Mr. Nazir, HSQ and PL1. ADGM-registered companies and directors must commit to performing business activities within the permitted scope of commercial licence, cooperate with investigators and act with integrity when dealing with clients or investors.

    Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority at ADGM, said, “In line with the RA’s regulatory objectives, it is essential for the RA to take appropriate enforcement actions against companies and individuals that are responsible for misconduct. The fines imposed on Mr. Nazir demonstrate the RA’s intolerance to the misconduct of concealing relevant information and documents during lawful investigations. The RA expects complete transparency from registered directors, especially during the course of its investigations. ADGM-registered companies must also reflect the true scope of their commercial licence to prospective clients or investors to protect their interests and to ensure that the integrity of ADGM is protected.

    Copies of the Final Notices setting out full details of the matter can be found in the RA Regulatory Actions section of ADGM’s website.

    Related news

    View all The Registration Authority at ADGM Clarifies Registered Auditors' Eligibility for Auditing Taxable Persons The Registration Authority at ADGM Alerts Registered Entities on Work Permits Requirements The Registration Authority of ADGM publishes Consultation Paper on Commercial Permits Regulations

    About

    Overview Jurisdiction Al Reem Expansion Authorities Initiatives ADGM Academy Dispute Resolution Careers

    Business

    Overview Business areas Setting up Operating in Public registers Legal framework

    Sustainable Finance

    Regulation Awareness Collaboration Ecosystem ADGM Sustainable

    Discover

    Media News Events Spotlight Podcasts Publications Documents

    Contact & Support

    Support Make an enquiry Whistleblowing

    Resources

    FAQs Document Repository
    © 2024 Abu Dhabi Global Market. All rights reserved. Sitemap Terms and conditions Privacy policy Cookies policy

    We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

    Reject cookies Accept cookies