The owner of the “International” network benefited from nearly £650mn in debt relief through a previously undisclosed financial operation structured as a debt-for-equity swap. The capital injection took place shortly before the January unrest in Iran and was followed by the joint military aggression carried out by the US and Israel against the country.
According to the Financial Times report, the terrorist-linked Iran International network, which operates globally with a staff of around 700 presenters and editorial personnel, claims to be the most widely watched Persian-language news channel.
Documents, however, show that since its establishment in 2017 with backing from British-Saudi investors, the network has consumed and burned through hundreds of millions of pounds in funding.
Based on the latest reviewed financial statements through December 2024, the network’s parent company, Volant Media UK, has recorded more than £410mn in losses over the past five years alone and owed roughly £482mn to affiliated entities.
A knowledgeable source told the Financial Times: “The lack of transparency regarding the network’s true sources of funding has long been a source of concern and quiet dissatisfaction among some of its own journalists, who in private circles have raised questions about the forces shaping the network’s editorial decisions.”
Dissecting Corporate Records; Departure From London Toward Tax Havens
A review of official Volant Media filings at the UK Companies House reveals the following suspicious structural changes:
Issuance of 648 million new shares: On December 13, the company issued a new share package valued at £648mn
Transfer to a Cayman tax haven: On the same day, all 50,000 original shares of the company were transferred out of the ownership of Adel Abdul Karim, the British-Saudi executive director, to an offshore shell company called Info-Cast Cayman Limited in the Cayman Islands. The corporate filings do not disclose who received the massive new block of shares.
Direct Link to Saudi State Media Holding Uncovered
The Financial Times’ examination of Cayman Islands corporate records shows that the sole director of the offshore company Info-Cast is an individual named Saleh Hussein Al-Duwais. Further investigation into his identity reveals that he is in fact a senior executive at the Saudi Research and Media Group (SRMG), the largest state-backed media organization supported by the Saudi monarchy.
Saudi holding company declined to answer the Financial Times’ questions.
In addition, Adel Abdul Karim, the director of Volant Media, simultaneously serves as director of another investment company called OR Holdings, which maintains an office in Riyadh and is tasked with producing programs and documentaries for the International network.
The Financial Times also noted that because the International network has halted its traditional satellite broadcasting operations in the UK and now provides services solely through online streaming, it is no longer subject to the full oversight of Britain’s media regulator, Ofcom.
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