Abu Dhabi Global Market: Ban “Babar Abbas” from taking any leadership positions for 15 years

The Abu Dhabi Global Market Registration Authority announced the completion of the measures taken against Elia Investments Limited and Babar Abbas, the company’s sole owner and former director.
It was found that Babar Abbas had participated in two violations, which included commercial fraud activities and a violation of the 2020 corporate work regulation rules, as well as sending a misleading financial statement to the registration authority. Accordingly, the ADGM Registration Authority has imposed a $100,000 fine on Babar Abbas for his fraudulent activities and a further $25,000 fine for submitting a misleading financial statement. The Registration Authority has also taken a decision to ban Babar Abbas from holding any leadership positions for any company registered in the Abu Dhabi Global Market for a period of 15 years, which is the maximum period permitted.