Coral Holdings Limited’s commercial licence cancelledADGM RA 07/10/2020
The Abu Dhabi Global Market Registration Authority has taken regulatory action against Coral Holdings Limited (CHL), cancelling the firm’s commercial licence.
CHL was incorporated and licensed by the Registration Authority to conduct the activities of a special purpose vehicle. Following a compliance assessment of CHL, the Registration Authority found CHL had failed to comply with various requirements of ADGM’s commercial legislation including:
- Failure to maintain a UAE resident authorised signatory,
- Failure to maintain company registers, and
- Failure to maintain records of beneficial ownership.
As a result of these contraventions, CHL failed to satisfy the conditions of its commercial licence. Furthermore, CHL was noted as having failed to conduct any controlled activity for more than 12 months.
Based on the above, the Registration Authority decided to cancel the firm’s commercial licence by way of a Final Notice.
A copy of the Registration Authority’s Final Notice can be found on the ADGM website at URL:
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