Abu Dhabi Global Market's Financial Services Regulatory Authority has fined an investment company a total of $4.76m and also placed a prohibition order on it's sole director for making false claims to be authorised to undertake financial services. In a statement on 8 November, the FSRA imposed a financial penalty of $2.38m on Elia Investments Limited and its sole shareholder which included a disgorgement amount of $1.88m and a fine of $500,000. The Abu Dhabi regulator found that Elia carried on the regulated activity of providing credit on an unauthorised basis, made false claims, to ...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes