Decision Notice - The RDI Company Ltd (2022-03-28)

Summary

This is a Decision Notice issued by CIMA against The RDI Company Ltd (Licence No. 1343635), a licensee under the Companies Management Act (2021 Revision). It records CIMA's decision to revoke the company's Companies Management Licence following a prior Warning Notice and the company's continued failure to remedy multiple statutory breaches.

• Breaches cited: Failure to appoint an independent director as required by its licence condition (section 5(3)); failure to pay its 2022 Annual Licence Fee (section 6(2)); failure to submit Audited Financial Statements for 2017-2018 and years ended 2019 and 2020 (section 13(2)(a)); failure to submit certificates of compliance for the same periods (section 13(2)(b)); and failure to respond to CIMA's requests for a Self-Assessment Questionnaire, Active Client Listings, and Company Managers Bi-Annual Reports (sections 16(2)(a) and (c)).
• Financial health unassessed: Because AFS and Reports were not filed, CIMA could not verify whether the company met the prescribed net worth requirement under section 10(1).
• Statutory grounds for revocation: CIMA revoked the licence under section 18(1)(i), relying on findings under sections 18(1)(a), (c), (d) and (e): likely inability to meet obligations, contravention of the Act, failure to comply with licence conditions, and business not conducted in a fit and proper manner.

The revocation took effect on 25 March 2022. This notice is specific to The RDI Company Ltd and its directors and does not impose new general obligations on other licensees, though it illustrates the compliance failures (fee payment, financial statement filing, reporting, licence conditions) that CIMA treats as grounds for licence revocation under the Companies Management Act.

Applies to

Companies management licensees under the Companies Management Act (2021 Revision)

Deadlines

• 25 March 2022: Effective date on which CIMA's revocation of The RDI Company Ltd's Companies Management Licence took effect.