QFC 0016/2020, [2021] QIC (F) 20
Qatar Financial Centre Authority v Horizon Crescent Wealth LLC
This case involved whether an unpaid penalty notice amount issued by the QFCA for contravention of QFC requirements should be treated as a debt by the court. Issues considered included that the company's accounts had been frozen as a result of other litigation. Also considered was the rate of interest which should be levied on the debt.
Background
The Applicant was the QFC Authority of the Qatar Financial Centre (QFCA). The Respondent, Horizon Crescent Wealth LLC was licensed to undertake permitted activities in relation to the administration of trusts and the administration of companies. . On 6 October 2019, as a result of an investigation under Rule 3.3.1 of the QFCA Rules, QFCA issued to them a Decision Notice pursuant to Rule 5.2.1 that they were satisfied that Horizon had contravened Relevant Requirements of the QFC. That Decision Notice imposed a financial penalty on Horizon of USD 280,000.00 under Rule 4.2.1, and required them to pay within 60 days of receipt of the Decision Notice.