London NEX-listed Indigo claims it got nod to avoid mention of “Iran” in disclosure papers

By bne IntelliNews November 22, 2017

A listed British investment company linked to one of Iran’s largest investment banks failed to disclose that its focus is on the Islamic Republic, Euromonitor wrote on November 21.

Iran’s Turquoise Partners, the UK sister company of which is Indigo Holdings PLC, is said to have omitted Iran from Indigo's public disclosure briefing because it assumed that its listing on London’s NEX Exchange for SME growth companies would not be accepted by regulators if the omission was not made.

The investment bank, which is not affiliated with any government institution in Iran, has private backers that intend to raise £10-20mn on the exchange.

Indigo, in response to UK-based global market intelligence publisher Euromonitor International, said it had entered into an “unofficial” agreement with NEX to keep the information relating to Iran off the official application to list on the exchange.

Indigo and various other parties involved in the listing have denied any wrongdoing. In a statement issued by Indigo's lawyers, Carter-Ruck, the company announced: “Indigo has fully complied with all NEX listing rules and has always been fully transparent with the exchange and its own investors.”

The company stated that it had had an unofficial discussion with NEX on omitting the word “Iran” from its listing as it was wary of getting caught in a possible sanctions net from overzealous US regulators.

“We discussed it with them clearly. We didn’t want it in the document,” Indigo managing director Sarem Edward ‘Eddie’ Kerman told Euromonitor.

Indigo was originally named Turquoise Holdings Limited when it was incorporated on the Isle of Man in July 2016. The firm was created by Turquoise executives in Tehran and lists three executives on its books.

Both companies’ offices are registered at the same New Bond Street address in London.

Indigo's initial market capitalisation on admission to NEX was just under £1.245mn, according to publicly available documents.

NEX is regulated by the UK’s Financial Conduct Authority and must abide by the same rules as other recognised investment exchanges such as the London Stock Exchange (LSE) and the LSE's AIM international market for smaller growing companies.

In its NEX admission document, Indigo said it was looking to make investments in several Middle Eastern countries, but Iran was not mentioned in any of the supporting documents.

Related Articles

Poroshenko officially nominates Smolii for post of Ukraine central bank governor

Ukrainian President Petro Poroshenko has nominated Yakiv Smolii, the acting head of National Bank of Ukraine (NBU), as a candidate for the post of governor to replace the outgoing governor ... more

Moody’s raises Mongolia’s long-term issuer and senior unsecured ratings to ‘B3’ with stable outlooks

Moody's Investors Service on January 18 raised Mongolia's long-term issuer ratings and senior unsecured ratings from Caa1 to B3 with stable outlooks. The ... more

Azerbaijan's IBA sees assets fall 29% y/y in 2017 after debt restructuring

The assets of the International Bank of Azerbaijan (IBA), the largest lender in the country, contracted by 28.9% y/y to AZN8.7bn ($5.1bn) in 2017, the state-controlled bank reported on January 10. ... ... more

Dismiss