QFC 4/2020, [2020] QIC (F) 12
Qatar Financial Centre Regulatory Authority v Horizon Crescent Wealth LLC
This case involved the right of the QFCRA to treat an unpaid financial services regulatory fine issued against a trust administrator as a debt and whether interest should be awarded for late payment of the time. Also considered was the right of beneficiaries of the trust which had been frozen in relation to the enforcement of the judgment debt.
Background
The applicant, was the QFCRA, and the Respondent, Horizon Crescent Wealth LLC (HCW), was licensed to undertake permitted activity in relation to the administration of trusts.
On 11 March 2019, as a result of an investigation under Article 50(1) of the Financial Services Regulations, the QFCRA issued a Decision Notice in line with Article 71 of theFinancial Services Regulations with a financial penalty of 30,000,000 Riyals (US$ 8,241,758.24) and required Horizon to pay the costs of the investigation of 830,024 Riyals (US$ 228,028.57). Under Article 71(5) of the Financial Services Regulations the QFCRA gave them 60 days to pay the financial penalty, from the date of the Decision Notice.