Dubai’s DIFC Suspends Firms Said to Be Key to Iran Oil Kingpin
- Milavous, Ocean Leonid suspended by Dubai’s free zone
- Shamkhani says he has no relationship with either entity
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The Dubai International Financial Centre has suspended multiple companies that people familiar with the matter say are part of a network overseen by Iranian oil trader Hossein Shamkhani.
The emirate’s finance hub took the actions against Milavous Group Ltd. and Ocean Leonid Investments Ltd. amid mounting pressure from international regulators, said the people, who requested anonymity as the information isn’t public. Both firms appeared in recent days in the registry of the DIFC free zone as “inactive - suspended.” The registry doesn’t reflect the start date for the suspensions.