Avante Limited and its director Khaldoon Bushnaq penalized Dh118,500 for obstructing investigations and providing false information
Authorities in Abu Dhabi have imposed a significant fine on both a company and its director after uncovering serious violations including falsification of documents and obstruction of investigations. Avante Limited, an entity registered in the Abu Dhabi Global Market (ADGM), was hit with a Dh58,700 fine, while its director, Khaldoon Bushnaq, received an additional penalty of Dh59,800, totaling Dh118,500 for their roles in the misconduct.
The case arose from a falsified document submitted by Avante to a UAE-based bank, which included a counterfeit stamp and an authentication code purportedly issued by the ADGM’s registration authority (RA). Upon further investigation, it was revealed that both Avante and Bushnaq had provided misleading information and concealed key documents, thus hampering the investigation process.
The ADGM stressed the severity of the violations, emphasizing their “little tolerance” for such actions that hinder the investigation and increase unnecessary costs. In addition to the fines, Avante was ordered to cover an extra Dh36,700 in investigation costs.
Both Avante and Bushnaq agreed to a settlement, with the fines reduced by a 20% discount as part of the settlement terms. The ADGM reiterated its commitment to holding licensed entities accountable for transparent and cooperative engagements.
