“Abu Dhabi International” imposes fines worth $ 3.6 million on “AC Holding”

The registration authority in Abu Dhabi International “ADGM” has announced the end of its investigation regarding AC Holding Company Ltd. ACC Holding, its shareholder and only manager Christopher Flinos.

According to a press release issued today, the investigation concluded that “AC Holding Company” has exceeded its commercial license as a company with a special purpose in Abu Dhabi International “ADGM”, by claiming that it is an investment company that provides financial services to customers and converting digital currencies into paper currencies and vice versa through bank transfer.

AC Holding Company provided four incorrect annual financial data to the registration authority for the financial years from 2019 to 2022.

It turned out to the registration authority that Christopher Flinos had participated in commercial fraud, as “AC Holding” facilitated transactions to transfer digital currencies unlicensed by the registration authority, with a number of parties misleading these transactions, and also facilitated forging and submitting hundreds of company documents in order to maintain bank accounts in a fraudulent manner.

As a result, the Registration Authority imposed the following financial sanctions with a total of 3.615,000 USD, and by $ 15,000 on AC Holding Company to overcome its license in violation of the regulatory regulations of commercial licenses in the World Abu Dhabi for the year 2015, and 300 thousand US dollars on AC Holding to provide incorrect annual accounts regarding its monitoring with the registration authority and various fraudulent plans in violation of the regulations Organization for companies in Abu Dhabi International for the year 2020, 3 million and 300 thousand US dollars on Christopher Flinos to provide misleading information to the registration authority, participate in various fraudulent activities and falsify the company’s documents in violation of the organizational regulations of companies in Abu Dhabi International for the year 2020.

The registration authority has also banned Christopher Flinos from taking over as a manager in any company within the global domain of Abu Dhabi for a period of 15 years, which is the maximum legal period.

The registration authority considered Christopher Flinos inappropriate to take over the position of director of a company in Abu Dhabi International due to his deliberate and illegal misuse of the commercial license of “EC Holding” with a special purpose as a mediator to facilitate payment, in addition to the fraudulent measures he has taken to facilitate this illegal use.

Hamad Sayyah Al Mazrouei, CEO of the registration authority at Abu Dhabi International, said: Preserving the integrity of business and enhancing confidence in the business environment in Abu Dhabi International at the forefront of the goals of the registration authority, and we are committed to deterring and preventing any behavior that would harm companies, customers and investors.

Al -Mazrouei stressed that the registration authority will take effective, appropriate and deterrent disciplinary measures in the event of any violation, with the aim of protecting the participants in the global Abu Dhabi, and this includes preventing individuals who lack eligibility and suitability, and who pose an unacceptable threat to investors, from taking leadership positions in companies operating in the global Abu Dhabi.