WH Ireland says Kuwaiti investor transfers stake in firm

A view of the financial district in the City of London. WH Ireland Group said that its second biggest investor, Kuwaiti European Holding Group (KEH), had transferred ownership. (Shutterstock)
Updated 20 July 2018
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WH Ireland says Kuwaiti investor transfers stake in firm

LONDON: WH Ireland Group said on Friday that its second biggest investor, Kuwaiti European Holding Group (KEH), had transferred ownership of its 23.1 percent stake in the financial services company. The British stockbroker said the transfer meant KEH no longer had the right to appoint a director to the board of the company. KEH Chief Executive Humphrey Percy has stepped down from his director role with immediate effect.
WH Ireland, which offers private wealth management, wealth planning and corporate broking services, said KEH’s stake was now held by three individuals: Abdulaziz Al-Bader, who holds a 9.21 percent stake; Thamer Al-Wazzan, with 8.56 percent; and Waleed Al-Thaqeb, with 4.09 percent.
WH Ireland attracted investment from the Middle East in 2016 when KEH spent 8.45 million pounds ($11.02 million) to buy its stake to help serve financial services clients across the Middle East and Britain.
KEH, an investment company focused on property, health and leisure businesses, said then that WH Ireland’s business model and strategy was “highly complementary” to that of KEH’s financial services businesses — Armila Capital and Al-Fouz Investment Company.
Two of WH Ireland’s three biggest stakeholders — Polygon Global Partners and Oceanwood Capital Management — are hedge funds.
Spokesmen for Polygon and Oceanwood were not immediately available for comment. A spokesman for WH Ireland declined to comment further when contacted by Reuters.
WH Ireland’s stock was 1.3 percent lower at 1150 GMT.
The firm’s CEO Richard Killingbeck stepped down on Thursday following two years of losses, hurt by reduced transactions from corporate and institutional broking division and continuation of higher costs in private wealth management division.
($1 = 0.7665 pounds)


India suspends Kashmir border trade with Pakistan

Updated 19 April 2019
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India suspends Kashmir border trade with Pakistan

  • Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries
  • India said it had reports that trade on the border was being “misused by Pakistan-based elements for funnelling illegal weapons, narcotics and fake currency”

NEW DELHI: India has suspended trade across its disputed Kashmir border with Pakistan, alleging that weapons and drugs are being smuggled across the route, as tensions simmer between the nuclear-armed neighbors.
Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries and brought the two countries to the brink of war with cross-border air strikes.
On Thursday, India’s government, which is in the middle of a tough national election, said it had reports that trade on the border was being “misused by Pakistan-based elements for funnelling illegal weapons, narcotics and fake currency.”
It also said many of those trading across the Line of Control, which divides Kashmir into zones under Indian and Pakistani control, had links to militant organizations.
The home ministry said trade would be suspended until a stricter inspection mechanism is in place.
The cross-border trade is based on a barter system, with traders exchanging goods including chillies, cumin, mango and dried fruit.
It began in 2008 as a way to improve strained relations between New Delhi and Islamabad, who have fought two of their three wars over the disputed region.
The Indian Express newspaper said Friday that 35 trucks carrying fruit traveling from the Indian side of the border had been stopped after the government order.
Trade on the border has been suspended before, including in 2015, when India accused a Pakistani driver of drug trafficking.
The latest move comes after India withdrew “Most Favoured Nation Status” — covering trade links — from Pakistan after the February attack, which was claimed by the Pakistan-based Jaish-e-Mohammed Islamist group.
Islamabad has denied any involvement in the attack.
India’s Hindu nationalist Prime Minister Narendra Modi has made national security a key plank of his re-election campaign, pointing to the recent flare-up of violence as he battles the center-left opposition Congress party.
He is seeking a second term from the country’s 900 million voters in the mammoth election which kicked off on April 11 and runs till May 19. The results will be out on May 23.