The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued a warning about misleading claims made by Manra Capital over the ‘Tharwa Fund’ a purported fixed-return real estate fund.
The regulator said Manra Capital falsely claimed in a brochure for a proposed marketing event that the Tharwa Fund was “overseen” and “supervised” by the ADGM FSRA.
The FSRA highlighted that Manra Capital is not and has never been licensed by the FSRA to carry on any form of Regulated Activity in or from ADGM; and incorporated in ADGM or licensed to undertake any form of commercial activities in ADGM.
Furthermore, the Tharwa Fund is not and has never been established as a Collective Investment Fund in ADGM.
Only firms authorised by the FSRA can undertake Regulated Activities in ADGM.
The FSRA “advised the financial services community and members of the public to exercise caution when contacted by any entity that purports to be licensed to undertake Regulated Activities in ADGM unless and until the entity’s regulated status can be confirmed by checking the FSRA’s Public Register”.
