ADGM penalises firm, directors for repeated reporting lapses

The Registration Authority of Abu Dhabi Global Market (ADGM) has issued financial penalties totalling $37,500 (AED 137,718) against Half Moon Investments Limited and three of its directors.

The fines were imposed for failing to file financial accounts and reports for the year ending December 31, 2023, within the required timeframe.

Each director has been fined $10,000 (AED 36,725), while the company itself faces a $7,500 (AED 27,543) penalty.

This marks a repeat violation, as the Registration Authority (RA) previously fined the company and its directors in March 2023 for a similar failure related to their 2021 accounts.

The RA says it expects all ADGM-licensed companies and directors to meet their reporting duties, as part of maintaining international financial transparency standards.