PNN – The Company that owns the “International” network has received about 650 million pounds in debt forgiveness.
According to the report of Pakistan News Network, the Financial Times newspaper revealed in a revealing report on Thursday that the company that owns the terrorist network “Iran International” received a huge amount of 650 million pounds, equivalent to about 825 million dollars, in “debt forgiveness and settlement” from its shareholders shortly before the January riots in Iran.
The previously unreported financial operation, which took the form of a “debt-for-equity swap,” came shortly before the start of the January uprising in Iran and the subsequent joint US-Israeli military invasion of the country.
The Financial Times report shows that the International Terrorist Network, which operates with a global editorial and executive staff of around 700 people, claims to be the most-watched Persian-language news network.
However, documents show that the network has swallowed and burned hundreds of millions of pounds in funding since its inception in 2017, with the backing of British-Saudi investors.
According to its latest audited financial statements to December 2024, the network’s parent company, Volant Media UK, has recorded losses of more than £410 million in the past five years alone and owes around £482 million to its affiliates.
A source familiar with the matter told the Financial Times: The failure to disclose the network’s true sources of funding has long been a source of concern and hidden discontent among some of the network’s own journalists, who have privately raised doubts about the behind-the-scenes nature of the network’s editorial decisions.
Dissecting the Registration Documents; Leaving London for Tax Havens
A review of Valiant Media’s official documents at Companies House reveals the following suspicious structural changes:
Issuance of 648 million new shares: On December 13, the company issued a new share package worth £648 million.
Transfer to Cayman tax haven: On the same day, all 50,000 of the company’s original shares were transferred from the ownership of British-Saudi CEO Adel Abdul Karim to an offshore shell company called Info-Cast Cayman Limited in the Cayman Islands. The registration documents make no mention of who the new large stake was transferred to.
Direct link to Saudi state media holding uncovered
A Financial Times investigation into Cayman Islands corporate documents reveals that the sole director of the offshore company Info-Cast is a man named Saleh Hussein Al-Duwais. A look at his identity reveals that he is actually the chief executive of Saudi Research and Marketing Group (SRMG), the largest state-owned media organisation backed by the kingdom of Saudi Arabia.
The Saudi holding company declined to respond to the Financial Times’ questions.
In addition, Adel Abdul Karim (director of Valiant Media) is also the director of another investment company, OR Holdings, which has an office in Riyadh and is tasked with producing programs and documentaries for the International Network.
The Financial Times noted that the International Network is no longer fully regulated by the British media regulator, Ofcom, as it has ceased its traditional satellite broadcasting in the UK and is now offering its services exclusively through online streaming.