Khaldoon Bushnaq Addresses ADGM Registration Authority Settlement
Abu Dhabi, UAE — 4/12/2024
Khaldoon Bushnaq, current Director of Avante Limited, has issued this statement to address the recent announcement by the Abu Dhabi Global Market’s Registration Authority (ADGM RA) regarding its investigation. This statement highlights Khaldoon Bushnaq’s and Avante Limited’s commitment to transparency, governance, compliance, and innovation as a high-growth technology company registered under ADGM.
Details of the ADGM RA Investigation
As recently announced by ADGM, the ADGM Registration Authority investigation, initiated in April 2022, concluded with a settlement that underscores Khaldoon Bushnaq’s decisive leadership and Avante Limited’s cooperative approach to regulatory integrity.
The three fines, totaling around $50,000, were categorized as level 4 out of 8 fines according to ADGM’s standard fines scale.
These fines were discounted by 20% as part of the settlement, recognizing Khaldoon Bushnaq’s and Avante Limited’s full cooperation, transparency, and constructive engagement. Furthermore, the settlement terms include a structured payment plan over several months, reflecting the RA’s acknowledgment of Mr. Bushnaq’s good faith efforts and swift actions.
As part of the settlement discussions, ADGM’s RA recognized Khaldoon Bushnaq’s quick and decisive actions in conducting an internal investigation, led by a leading law firm in the UAE. This investigation ensured accountability within the organization and culminated in the termination of a full-time employee’s contract for misconduct. These actions further demonstrate Khaldoon Bushnaq’s dedication to maintaining the highest standards of integrity and governance.
This resolution was achieved with the unwavering support of Khaldoon Bushnaq, Avante Limited’s board of directors, and the company’s general counsel. Their professionalism and commitment ensured that all necessary approvals were secured, and the matter was resolved with integrity and diligence. Mr. Bushnaq is happy to address this topic further with members of the media, providing additional context and reaffirming Avante Limited’s dedication to transparency and accountability.
Positive Insights from the ADGM Office of Data Protection (ODP) Audit
In a separate audit earlier this year, the ADGM Office of Data Protection (ODP) recognized Avante Limited’s governance and operational excellence under the leadership of Khaldoon Bushnaq. Key findings included:
- Comprehensive Data Protection Framework: The ODP commended Avante Limited’s proactive development of robust policies and procedures to safeguard personal data and ensure compliance with regulations.
- Governance and Accountability: Measures such as maintaining a Record of Processing Activity (RoPA) and conducting Data Protection Impact Assessments (DPIAs) were praised.
- Transparency and Collaboration: The ODP highlighted Khaldoon Bushnaq’s constructive engagement throughout the audit process.
- Commitment to Improvement: While minor areas for refinement were noted, the ODP acknowledged Khaldoon Bushnaq’s proactive steps to address them effectively.
Avante Limited’s Ongoing Commitment
At Avante Limited, regulatory engagements are viewed as opportunities to strengthen systems, enhance stakeholder trust, and support our rapid growth. As a high-growth technology company proudly registered under ADGM, Avante Limited welcomes regulatory oversight, feedback, and regular audits that drive accountability and excellence. Under Khaldoon Bushnaq’s leadership, the company has implemented several measures to ensure continued compliance and operational excellence:
- Enhanced Policies and Procedures: Governance frameworks are being refined to align fully with regulatory standards.
- Mandatory Training Programs: Employees are receiving updated training to uphold compliance and data protection standards.
- Transparent Stakeholder Communication: Privacy notices and internal processes have been updated to reflect Avante Limited’s commitment to clarity and accountability.
Statement from Khaldoon Bushnaq
“I am grateful for the unwavering support of Avante Limited’s board of directors, general counsel, and employees throughout this process. Their dedication and professionalism were instrumental in achieving a fair resolution with the ADGM RA. When the issue arose, I took quick and decisive actions to rectify the incident, including conducting an internal investigation and ensuring accountability within the organization.
This experience reinforces our commitment to transparency, accountability, and operational excellence. As a company, we remain proud to be part of the ADGM ecosystem, where innovation and high growth are supported by world-class regulatory standards. I am equally proud to continue serving as a director in ADGM, contributing to its mission of fostering excellence and governance.”
– Khaldoon Bushnaq, Director, Avante Limited
About Khaldoon Bushnaq
Khaldoon Bushnaq is the Director of Avante Limited, a leading technology company and operator of several healthcare providers in the UAE and Saudi Arabia. Avante Limited is dedicated to simplifying the lives of people living with chronic conditions. Under Khaldoon Bushnaq’s leadership, the company has served hundreds of thousands of users and raised millions of dollars from venture capital and private equity funds.
Widely recognized for his commitment to innovation, governance, and operational excellence, Khaldoon Bushnaq continues to lead Avante Limited as it scales rapidly within the ADGM ecosystem.
