Latest news with #ACHolding
Arabian Business
14-04-2025
- Business
- Arabian Business
Abu Dhabi Global Market
Abu Dhabi According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to clients Abu Dhabi Global Market The investigation resulted in the cancellation of Hayvn ADGM's Financial Services Permission, and an indefinite prohibition on former CEO Christopher Flinos Abu Dhabi PGIM's Global Data Centre Fund creates value through asset-level development joint ventures with leading data centre operators Abu Dhabi Global Market The US major, with around $63 billion in assets under management as of September 30, will join global asset managers and hedge funds in establishing a presence in ADGM Abu Dhabi Two connected towers on Al Maryah Island to offer 98,000 square metres of new Grade-A office space as demand soars in Abu Dhabi Abu Dhabi Global Market MERED expands into Abu Dhabi with Al Reem Island properties make most of ADGM ecosystem Abu Dhabi The financial hub now has 2,088 operating entities, including 231 financial services entities, a 31% increase compared to H1 2023 Abu Dhabi Global Market The UAE's 'responsive' regulatory environment for crypto serves as a model for other countries, experts say
Arabian Business
14-04-2025
- Business
- Arabian Business
ADGM RA fines Christopher Flinos, AC Holding for cryptocurrency conversion violations
The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) has concluded its investigation into Special Purpose Vehicle (SPV) AC Holding Limited (AC Holding) and its sole shareholder and director, Christopher Flinos. The investigation uncovered significant violations of the financial centre's regulations by AC Holding and Flinos. According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to clients. ADGM registration authority concludes investigation into AC Holding and Director Christopher Flinos The company was also involved in processing wire transactions to convert cryptocurrencies into fiat currencies and vice versa, which is outside the scope of its authorised activities. Additionally, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. Christopher Flinos was found to have engaged in fraudulent trading. He facilitated unlicensed cryptocurrency conversion transactions, misleading various parties about the nature of the transactions. Flinos also facilitated the falsification and provision of hundreds of company documents to maintain bank accounts fraudulently. As a result of these violations, the RA has imposed a total of $3,615,000 in financial penalties. These include: A fine of $15,000 against AC Holding for exceeding the scope of its license under the ADGM Commercial Licensing Regulations 2015. A fine of $300,000 against AC Holding for filing false annual accounts and engaging in fraudulent schemes in violation of the ADGM Companies Regulations 2020. A fine of $3.3 million against Christopher Flinos for providing false information to the RA, engaging in fraudulent activities, and falsifying company documents, also in contravention of the ADGM Companies Regulations 2020. In addition to the financial penalties, Christopher Flinos has been disqualified from holding the position of director in any ADGM-based company for the maximum allowed period of 15 years. The RA has deemed Flinos unfit to serve as a company director due to his deliberate misuse of AC Holding's SPV commercial license as a payment facilitator and his involvement in fraudulent activities. 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM,' Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said.
Al Etihad
14-04-2025
- Business
- Al Etihad
ADGM's RA imposes fines of $3.6 million on Special Purpose Vehicle AC Holding
14 Apr 2025 13:42 ABU DHABI (WAM)The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher investigation found that AC Holding exceeded the scope of its ADGM SPV commercial licence by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank a result, the RA has imposed financial penalties totalling $3,615,000, including $15,000 against AC Holding for exceeding the scope of its licence in contravention of ADGM Commercial Licensing Regulations 2015; $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding's passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. "Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.'
Zawya
14-04-2025
- Business
- Zawya
ADGM's RA imposes fines of $3.6mln on Special Purpose Vehicle AC Holding
ABU DHABI - The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher Flinos. The investigation found that AC Holding exceeded the scope of its ADGM SPV commercial licence by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. The RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank accounts. As a result, the RA has imposed financial penalties totalling US$3,615,000, including $15,000 against AC Holding for exceeding the scope of its licence in contravention of ADGM Commercial Licensing Regulations 2015; $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. The RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 years. The RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding's passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such misuse. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. "Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.'
Khaleej Times
14-04-2025
- Business
- Khaleej Times
Abu Dhabi authorities impose $12.46 million fines on firms, ban CEO for 'breaches, misconduct'
Heavy penalties were imposed on Hayvn Group of Companies, its former CEO Christopher Flinos, and related entities for 'serious regulatory breaches and misconduct', the Abu Dhabi Global Market (ADGM) announced on Monday. The Financial Services Regulatory Authority (FSRA) of ADGM said its investigation found 'serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos". It confirmed that 'no ADGM client assets or money were lost as a result of the relevant misconduct". FSRA said it cancelled the licence of Hayvn ADGM's Financial Services Permission (FSP), prohibited Flinos indefinitely from performing any function in a financial services business in ADGM, as well as imposed financial penalties of $8.85 million (Dh32.5 million) across the four parties involved. It imposed a $3.6 million fine against AC Holding Limited registered in the Cayman Islands, $3 million against AC Limited (Hayvn ADGM), $1.5 million against AC Holding Limited; and $750,000 against Christopher Flinos. Emmanuel Givanakis, CEO of the FSRA, said they will take robust and appropriate enforcement action against individuals and entities that violate the regulatory framework. 'In this case, the actions of the entities and individuals involved were particularly serious, as they conducted unauthorised virtual asset activities through an unregulated entity based in ADGM. Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation. Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence, ' he said. Givanakis added the licence of Hayvn ADGM has been cancelled and significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM. In addition, the Registration Authority (RA) of ADGM announced that its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher Flinos found that AC Holding exceeded the scope of its ADGM SPV commercial license by purporting to be an investment company offering financial services for clients and processing wire transactions to convert cryptocurrencies into fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. The RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank accounts. As a result, the RA has imposed the following financial penalties totalling $3.615 million, including $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM,' said Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority. Why penalised The FSRA of ADGM added that Hayvn ADGM was penalised because it exceeded the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated special purpose vehicle entity registered in ADGM, without any appropriate protections being in place. It also failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognise and record all of its client relationships, breaching the FSRA's Anti-Money Laundering requirements. Hayvn Cayman and AC Holding were penalised as they carried out significant unlicensed financial services activity in relation to virtual assets in ADGM from around October 2018 to around May 2024. Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM. As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranged services in relation to virtual asset activities in ADGM. Moreover, Christopher Flinos was banned and fined for playing a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding. ADGM revealed that he was found to have been centrally involved in the breaches and misconduct. 'Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.' Moreover, the regulator elaborated that Hayvn Cayman, AC Holding and Christopher Flinos created and disseminated false and misleading information about the nature of the transactions related to virtual assets routed through AC Holding's accounts. This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding's banking partners to open and then maintain the operation of these accounts. These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding. ADGM said in the statement that Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC Holding undermining the integrity of the regulatory process.
