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Iran’s Secretive Oil Trader To Liquidate UK Operations After Govt Crackdown
Ocean Leonid Investments Ltd, a hedge fund linked to secretive Iranian oil trader Hossein Shamkhani, has informed its London employees that it will go into liquidation, Bloomberg has reported.
The development comes just months afterthe UK government cracked down on the oil-trading kingpin’s empire, known for moving Iranian and Russian crude around the world. Previously, Bloomberg reported that Companies House, the UK corporate register, issued notice that London-based Nest Wise Trading Ltd. is to be dissolved within months due to the entity’s failure to provide sufficient information to regulators, with UK authorities linking it to Shamkhani.
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Shamkhani, aka Hector, is the son of Ali Shamkhani, advisor to Supreme Leader Ali Khamenei. His Dubai-based Milavous Group Ltd is alleged to have raked in billions of dollars for illegally selling Iranian and Russian crude around the world. Washington and London have been targeting entities that they suspect have been sidestepping oil-trading restrictions.
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“Unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above,” UK Companies House said in its notice about Nest Wise.
According to Companies House’ records, Nest Wise’s business includes the sale of petroleum and petroleum products, fuels, ores, metals and industrial chemicals. The filings also show that during the London entity’s incorporation, Dubai-based Nest Wise Petroleum LLC was the sole shareholder listed.
Back in August, Bloomberg published an exposé revealing how Shamkani’s secretive network has been operating, dubbing the Iranian tycoon ‘The Kingpin Of Iran’s Oil Empire’, “Companies in his network also sell oil and petrochemicals from non-sanctioned nations and sometimes mix crude from various jurisdictions, so even buyers who test barrels may not be able to identify the country of origin, the people said,” Bloomberg reported.
Bloomberg also reported that Washington has already sanctioned ships believed to be controlled by the Iranian businessman. His father Ali was sanctioned by the Trump administration in early 2020, although Shamkhani previously told Bloomberg that his father “never had nor does he have anything to do with my business activities.”
By Alex Kimani for Oilprice.com
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