ADGM’s Registration Authority Imposes Financial Penalties of USD 32,000 against 10 Leaves and its Three DirectorsADGM RA 05/06/2023
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken enforcement actions against 10 Leaves Limited (10 Leaves), an ADGM-licensed company, and its three directors by imposing financial penalties amounting to USD 32,000 for a repeated failure to file annual accounts and reports by the statutory deadlines specified under the RA’s administered legislation.
The RA found that 10 Leaves and its directors, Bishr Shiblaq, Rohit Ghai and Satidanand Auchoybur failed to submit statutory accounts and reports for the financial years ending 31 December 2020 and 31 December 2021 by the specified timelines. 10 Leaves and its directors failed to deliver consecutive accounts and reports to the RA by the statutory timelines despite reminders sent by the RA.
The RA imposed financial penalties totalling USD 32,000 which includes the following:
- USD 8,000 on 10 Leaves;
- USD 8,000 on Bishr Shiblaq;
- USD 8,000 on Rohit Ghai; and
- USD 8,000 on Satidanand Auchoybur
Applicable ADGM-registered entities must adhere to ADGM’s periodic filing obligations and put in place proper systems and controls to ensure such obligations are fulfilled diligently and in a timely manner. ADGM registered directors shall also take all reasonable steps to ensure that filing obligations are complied with.
Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority said: “ADGM registered directors shall adhere to the highest standards of diligence and care in discharging their responsibilities and duties stipulated under RA administered regulations. The RA considers that the imposition of financial penalties against companies and directors who commit contraventions of accounts filing requirements supports promoting compliance with the regulations and filing obligations.”