DOHA: The QFC Authority (QFCA) announced it imposed a public censure on Encryptics Data Security and its senior executive function and director Siham Boulbadaoui on 4 June.
The action was taken for contravening general and QFCA rules.
QFCA investigated the firm and found Encryptics Date Security and Boulbadaoui had each contravened two relevant requirements imposed by the QFCA under Part 5 of the QFCA rules like failing to provide information to the companies registration office of beneficial ownership and information regarding their nominee directors and corporate directors if applicable.
There was failure to to comply with a written notice to provide QFCA with documents and information in relation to beneficial ownership, nominee directors and nominee shareholders.
No financial penalty
Whilst QFCA considered the contravention to be serious and would normally consider the imposition of a financial penalty, it deemed a public censure was reasonable considering all the relevant circumstances like there being no indication neither the firm nor Boulbadaoui made a profit or avoided a loss as a result of the contraventions.
In addition, the firm is no longer operating and imposition of a financial penalty was likely to be ineffective.
QFCA Chief Commercial Officer Raed Al Emadi said: “This is a serious matter, but exceptional circumstances mean a public censure is the appropriate and proportionate response. In this particular case a public censure was additionally imposed on the senior executive function and director because there are indications they are still in Qatar and actively avoided the QFCA.”