LONDON (UK) – Two senior lawmakers on Friday demanded a probe into a British-registered firm possibly connected to last year’s devastating explosion in Beirut port.
The firm in question, Savaro Ltd, is registered at an address in London and like all companies in the nation is required to list its owner with the Companies House, which keeps a registry of all firms.
Marina Psyllou, who is listed as the owner of the firm and sole director, said that she was acting on behalf of another beneficial owner, whose identity she refused to divulge.
“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.
As per global corporate governance rules, a UBO is a person who receives the benefits of an entity’s transactions and usually owns a minimum of 25% of its capital.
Lawmaker and former cabinet minister Margaret Hodge, who headed parliament’s public affairs committee from 2010-2015, termed the 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,” she said.
Member of the House of Peers John Mann, who has conducted a probe into the use of UK-registered firms in illicit activities, said the case demonstrated the need for stronger enforcement of 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.