Report: UK-registered Firm Possibly Linked to Beirut Explosion

Two senior British lawmakers reportedly called for an investigation into a British-registered company that could be linked to the Beirut port explosion after reports the company had not disclosed its owners, media reports said on Saturday.

Savaro Limited, is a company registered at an address in London, is obligated, like all British companies, to list the name of whoever owns it in the British companies register, known as Companies House, said the reports.

They added that a woman listed as the owner of Savaro Ltd. and the sole director at Companies House, Marina Psyllou, reportedly said in a letter that she was acting as an agent on behalf of another beneficial owner whose identity was not revealed.

She was quoted as saying: “The person who was and always been the ultimate beneficial owner of the company was always the same person. As you know, we cannot reveal his name,” she said without mentioning the reason for her discretion.

The global corporate governance rules define the "ultimate beneficial owner" as the person who benefits from the transactions carried out by any company and usually owns at least 25 percent of its capital, the reports explained.

Margaret Hodge, a former UK lawmaker and former minister who chaired the parliament's public affairs committee from 2010 to 2015, described the apparent failure to include the ultimate beneficiary of Savaro at Companies House as "outrageous,” they stated.

John Mann, a member of the British House of Lords who has investigated the use of companies registered in Britain in illegal activity, reportedly said this showcases the need to impose stronger enforcement of British company registration rules.

Psyllou, who provides company registrations to clients through its private Cypriot company, Interstatus, reportedly said on Thursday that her company "is strictly complying with the legislation and reporting to the relevant regulatory authorities."

Psyllou also denied that Savaro was linked to the Beirut explosion, saying she believed it had not undertaken any commercial activity.

“As far as we know the company in question has remained, ever since its registration, without any trading or other activity or keeping any bank accounts because the project for which it was founded was never realized,” she was quoted.

Investigation into the August 4, 2020 Beirut bombing that killed 200 people found that the huge shipment of ammonium nitrate fertilizer that exploded in Lebanon was being held in Beirut while it was on its way to Mozambique. The buyer, FEM Mozambique, identified the company from which he bought the shipment as Savaro.

A Lebanese source told investigators that the fertilizer sale contract identified Savaro Ltd. and mentioned its London address, which was then registered with the British authorities.

Ben Cowdock, who investigates international corruption at Transparency International in London, reportedly said that tracing the origin of the shipment may ultimately depend on revealing who exactly is behind Savaro.