A still taken from video footage of the explosion at Beirut port on August 4, 2020.
A still taken from video footage of the explosion at Beirut port on August 4, 2020.
A still taken from video footage of the explosion at Beirut port on August 4, 2020.
A still taken from video footage of the explosion at Beirut port on August 4, 2020.

British MPs seek probe of company linked to Beirut blast


  • English
  • Arabic

Two senior British parliamentarians have called for an investigation into a British-registered company possibly linked to last year's devastating explosion in Beirut.

This comes after Reuters news agency found that the company had not disclosed its beneficial owners.

The company, Savaro Ltd, is registered at a London address, and like all British companies is required to list who owns it with Britain's companies register, known as Companies House.

The woman listed as Savaro's owner and sole director, Marina Psyllou, said that she was acting as an agent on behalf of another beneficial owner, whose identity she could not disclose.

"The person who was and has always been the UBO [ultimate beneficial owner] of the company was always the same. As you should be aware, we cannot disclose his name," she said.

She did not say why she could not disclose his identity.

Global corporate governance rules define a UBO as someone who receives the benefits of an entity's transactions, typically owning a minimum of 25 per cent of its capital.

Margaret Hodge, a British MP and former Cabinet minister who headed parliament's public affairs committee from 2010-2015, called the apparent failure to list Savaro's ultimate beneficiary at Companies House "outrageous".

"The UK authorities should investigate this, given inaccurate information appears to have been filed. We need to challenge formation agents where it appears they may have acted improperly."

John Mann, a member of the House of Lords who has investigated the use of UK-registered companies in illicit activity, said the case showed the need for stronger enforcement of Britain's company disclosure rules.

"It is shocking and very damaging to the reputation of the United Kingdom that Companies House and our national system of company registration can be so easily exploited," he said.

Ms Psyllou, who provides corporate registrations for clients through her own Cyprus company, Interstatus, said on Thursday that her company "strictly complies with legislations and reports to relevant regulators".

She also denied that Savaro could have been linked to the Lebanon explosion, saying she believed it had never done any business.

"As far as we know, the company in question, ever since its registration it remained dormant without any trading or other activity or keeping any bank accounts as the project for which it was incorporated was never realised."

She gave no information about the company's intended purpose.

The Beirut explosion on 4 August last year killed more than 200 people.

The huge shipment of ammonium nitrate fertiliser that exploded had been held in Beirut while en route to Mozambique. The Mozambican buyer, FEM, identified the company it bought it from as Savaro.

A Lebanese source said a sales contract for the fertiliser identified Savaro, and listed it at the London address where the company was then registered with the UK authorities.

Tracing the shipment could ultimately depend on unravelling exactly who stands behind Savaro, said Ben Cowdock, who investigates international corruption for non-government organisation Transparency International in London.

Under legal changes in 2016 – introduced as part of an anti-corruption campaign by David Cameron, who was prime minister at the time – that should be a straightforward matter of looking the information up with Companies House, Mr Cowdock added.

Ms Psyllou's  company Interstatus has been listed since 2006 as the company secretary for Savaro, responsible for fulfilling its reporting requirements, and another Interstatus company was initially listed as Savaro's owner.

In July 2016, three months after a rule change requiring companies to list their beneficial owners, Savaro updated its records to name Ms Psyllou as the owner.

Ms Hodge and Mr Mann both called on Britain's business ministry to investigate what they said appeared to be a breach of the disclosure rules.

The business ministry declined to comment, saying it does not discuss individual companies.

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Countdown to Zero exhibition will show how disease can be beaten

Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a  month before Reaching the Last Mile.

Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.

 

Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
  • 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club  
Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

Facebook | Our website | Instagram

Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETribute%20Games%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Dotemu%3Cbr%3E%3Cstrong%3EConsoles%3A%20%3C%2Fstrong%3ENintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A