A hedge fund that’s stated to be a part of a community overseen by Iranian oil dealer Hossein Shamkhani has advised its London staff that the agency will go into liquidation, in response to individuals acquainted with the matter.
Ocean Leonid Investments Ltd. wrote to employees this week that as a consequence of license restrictions the corporate must halt its operations within the UK capital, stated the individuals, who requested anonymity because the matter is personal.
The individuals, who had been knowledgeable of the choice by letters and telephone calls, stated most of Ocean Leonid’s property and liabilities are concentrated within the United Arab Emirates, however some funds would get shifted to London with a purpose to conduct trades. It’s unclear what license restrictions would possibly impede the agency’s continued operations within the UK.
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The UK’s Monetary Conduct Authority registry reveals a number of staff on the hedge fund had been permitted for shopper dealing till Nov. 26.
A spokesperson for Ocean Leonid declined to remark. A consultant for the FCA didn’t instantly reply to a request for remark.
The hedge fund was lately suspended by Dubai’s monetary free zone and is the topic of a probe by the US Treasury Division, Bloomberg Information reported. A consultant for Ocean Leonid stated on the time that the agency was in “energetic discussions” with the Dubai Worldwide Monetary Centre concerning the suspension and offering particulars on all areas of curiosity to the free zone. The spokesperson declined to touch upon the US Treasury probe.
In late October, a Bloomberg Information investigation described Ocean Leonid’s function as a hedge fund that’s overseen by Shamkhani, a distinguished oil dealer whose father is a senior adviser to Iran’s Supreme Chief Ayatollah Ali Khamenei.
An Ocean Leonid consultant beforehand stated that the agency categorically rejects the allegation that Shamkhani is concerned in or oversees the entity. A lawyer for Shamkhani additionally beforehand denied that his shopper had any relationship with the agency.
In current months, Ocean Leonid had pitched to endowments, asset administration companies and wealth funds within the US, Europe and the Center East about potential capital elevating, and it thought of beginning a brand new buying and selling entity domiciled within the Cayman Islands, a few of the individuals stated. These discussions have additionally been placed on maintain, they stated.
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