Justice Served: ADGM Fines Wazim Nazir, Owner of ACW Following Consumer Protection Bureau's Intervention
In a significant victory for consumer protection and regulatory integrity, the Abu Dhabi Global Market (ADGM) Registration Authority has imposed financial penalties on HSQ Holdings Ltd, PL1 Holdings Ltd, and their director, Mohammed Wazim Nazir, for egregious breaches of regulatory compliance.
The penalties include a $114,000 fine on Nazir personally and $15,000 each on his companies HSQ and PL1. These entities were authorised as passive Special Purpose Vehicles (SPVs), yet they blatantly exceeded their scope by actively managing residential properties in the UAE. Adding insult to injury, Nazir submitted a voluntary strike-off application riddled with false information, concealing ongoing disputes with property owners and continuing operations post-application.
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CPB's Role in Exposing the Fraud
This case came to light only after the Compliance and Risk Consultancy (CRC) group, through its Consumer Protection Bureau (CPB), intervened. When Wazim Nazir, Owner of ACW sought to voluntarily wind up HSQ and PL1, CRC raised formal objections and mobilised affected property owners to challenge the application. Many owners provided statements and depositions to ADGM with CPB's assistance, exposing Nazir's misconduct and systemic violations. Without this organised and strategic push, Nazir and his entities might have escaped scrutiny entirely.
The ADGM Registration Authority's investigation unveiled Nazir's deliberate misrepresentation and obstruction, culminating in hefty fines and public censure. This is not just a victory for justice but also a stark reminder of the power of unified consumer action when supported by organisations like CPB.
Fighting for Consumer Rights and Justice
While the ADGM decision serves as a critical win, the plight of property owners at Hanover Square Central and Platinum One (PL1) remains unresolved. CPB has identified significant consumer rights violations stemming from the exploitative Sales and Purchase Agreement (SPA) imposed by ACW, a company owned by Wazim Nazir.
This SPA binds owners to ACW's management for 20 years with no exit options—a clause that not only deprives owners of their legal rights but also locks them into years of financial distress. ACW continues to rent out the apartments without providing owners with any meaningful Return on Investment (ROI). Frustration is widespread: only a small fraction of owners receive minimal returns, while the majority have suffered losses with no clear remedy in sight.
ACW: The Next Battle for Consumer Rights
While this decision marks progress, the fight is far from over. The property owners of HSQ and PL1 remain in a dire situation. Their apartments are managed by ACW, owned by Wazim Nazir, a company operating under a deeply flawed Sales and Purchase Agreement (SPA). This SPA includes abusive clauses, denying owners any exit option and binding them to ACW's management for an astonishing 20 years.
Most owners are angry and disappointed. Their properties are rented out, yet they have received little to no ROI for several years. Only a small handful are receiving minimal returns, which amount to little more than peanuts compared to market expectations. This untenable situation has shattered trust and further exacerbated financial losses for already frustrated owners.
CPB Will Take Action
The Consumer Protection Bureau, as part of the CRC Group, is committed to ensuring that consumer rights prevail. We are launching a vigorous campaign to challenge ACW's abusive management practices.
CPB’s Consumer Rights Campaign
As the consumer protection advocate, CPB will:
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ACW is ousted as the manager of Hanover Square Central and Platinum One (PL1) properties.
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Dubai authorities step in to dismantle exploitative SPAs that lock owners into long-term, one-sided agreements.
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Property owners take over their apartments as they rightfully and legally deserve.
This case highlights a growing need for stringent oversight, transparent management agreements, and stronger consumer protection mechanisms in the UAE property sector. CPB will continue working with DLD and other UAE authorities to fight relentlessly for fairness, accountability, and justice for all affected property owners.
