Try GOLD - Free
ADGM's FSRA imposes fines of $8.85m on 'HAYVN' Group
Gulf Today
|April 15, 2025
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced the implementation of enforcement actions following an investigation into serious regulatory violations and misconduct related to the Hayvn Group of Companies, operating under the name "HAYVN," its former CEO Christopher Flinos, and related entities.
-
The investigation conducted by the FSRA, according to a press release issued today by the Authority, concluded that there were serious violations and misconduct in the operations of three affiliated companies and the performance of Christopher Flinos.
During the investigation, the FSRA took necessary steps to ensure that no ADGM client assets or funds were lost as a result of this misconduct. The enforcement actions included the cancellation of the Financial Services Permission (FSP) granted to "Hayvn ADGM," the indefinite prohibition of Christopher Flinos from performing any function in financial services within ADGM, and the imposition of financial penalties totalling US$8.85 million on the four parties involved.
This story is from the April 15, 2025 edition of Gulf Today.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,500+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Gulf Today
Gulf Today
Drop denuclearisation demands, Kim urges US
North Korean leader Kim Jong Un says he still has good memories of US President Donald Trump and urged Washington to drop its demand the North surrender its nukes as a precondition for resuming long-stalled diplomacy.
2 mins
September 23, 2025

Gulf Today
Abu Dhabi Securities Exchange lists region's first thematic ETF
The Abu Dhabi Securities Exchange (ADX) reinforced its position as the region's leading Exchange-Traded Fund (ETF) marketplace with the listing of the Boreas Solactive Quantum Computing UCITS ETF - the 17th ETF on ADX and the second to be listed this year.
3 mins
September 23, 2025
Gulf Today
Over 50 French towns fly Palestine flags, defy warning
Over 50 town halls in France were flying the Palestinian flag Monday in defiance of an interior ministry warning not to do so ahead of the recognition of a Palestinian state by President Emmanuel Macron.
3 mins
September 23, 2025

Gulf Today
Gold surges to set fresh record high
Gold surged to set a fresh record high on Monday, buoyed by investors' heightened expectations of a dovish rate-cut path, ahead of remarks by multiple Federal Reserve officials and key inflation data later in the week.
1 mins
September 23, 2025

Gulf Today
Evenepoel sets sights on making time trial history as Pogacar turns focus to road race after disappointment
Remco Evenepoel had barely crossed the finish line before declaring he would try to retain his world time trial title next year and in the process make history.
3 mins
September 23, 2025
Gulf Today
Saudi settles jail term for Keralite, rejects harsher punishment
Dismissing the prosecution appeal seeking enhanced punishment, Saudi Supreme Court upheld the lower court verdict against Machilakath Abdul Rahim, 45, a native of Feroke Kodampuzha near here, who has been imprisoned in Riyadh for over 19 years for causing the death of a differently-abled Saudi boy.
1 mins
September 23, 2025

Gulf Today
Pakistan files complaint with ICC over Fakhar dismissal
Pakistan team management have lodged a complaint against the television umpire with the International Cricket Council (ICC) over a caught-behind dispute involving Fakhar Zaman in Sunday's Asia Cup Super Four match against India in Dubai, according to a report.
3 mins
September 23, 2025
Gulf Today
Torres' double strike fires Barcelona to facile win over hapless Getafe
Ferran Torres struck twice for champions Barcelona as they beat Getafe 3-0 on Sunday to stay on Real Madrid's tails at the top of La Liga.
3 mins
September 23, 2025

Gulf Today
Urban Ledger launches new payment technologies
Following a successful year, Urban Ledger on Monday announced the launch of a groundbreaking suite of payment technologies, marking a major step forward in digital collections and reinforcing the company's leadership in QR code innovation across the UAE.
1 mins
September 23, 2025
Gulf Today
AUS' Shaheen project helps rescue people lost in desert
When someone goes missing in the desert, every minute can mean the difference between life and death. That urgency inspired a group of American University of Sharjah (AUS) students to develop Shaheen, a senior design project that equips drones with the ability to spot lost individuals and alert rescuers in real time.
2 mins
September 23, 2025
Listen
Translate
Change font size