Abu Dhabi Global Market cancels commercial licence of Terra Nova Holdings

Mark Battersby
clock • 1 min read

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken enforcement action against Terra Nova Holdings Ltd (Terra Nova) by cancelling its ADGM commercial licence to carry out business activities in or from ADGM. It's decision to cancel Terra Nova's licence was based on concerns relating to the company's failure to meet the general conditions of its licence and failure to maintain adequate accounting records as required under Companies Regulations 2020. Terra Nova's annual accounts also failed to give fair representation for the years 2019, 2020 and 2021, and the va...

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