Firm struck off for fee default
The Dubai Technology and Media Free Zone Authority, or Tecom, yesterday said it de-registered Capital Partners after the US private equity firm "elected to ignore a number of reminder notices" to pay licensing fees and rent.
"Payment of licensing fees and office rent is a legal requirement to continue to operate in the free zone and Capital Partners failed to comply with that requirement," Tecom said in a statement.
Capital Partners' Managing Director Jonathan Wride said on Sunday that he had not been warned of the decision to de-register his firm.
"Capital Partners in fact received a number of reminder notices both before and after August 2007, to pay its licensing fees and rent for its office space within the free zone. Capital Partners, however, elected to ignore those notices," Tecom said.
The decision to cancel Capital Partners' licence and to de-register the company was one of over 150 similar decisions in 2008 taken against companies who failed to conform to licensing regulations, the statement said.
Tecom said Capital Partners' directors and GM "left the UAE in 2006."
Follow Emirates 24|7 on Google News.