London Capital Group has changed its ownership structure, with Charles Sabet ceasing to be a Person with Significant Control and MBDW Holdings Limited becoming a registrable Relevant Legal Entity.

MBDW Holdings is linked to LCG’s current management. Its directors are David Worsfold and Matthew Basi. Worsfold is LCG’s Chief Executive Officer, while Basi is Managing Director. The pair took over management of LCG before the latest ownership change.

Worsfold and Basi were previously listed as PSCs of MBDW Holdings. Their PSC status later ended, with DFW Holdings and Izzia Holdings becoming registrable PSCs of MBDW Holdings.

LCG Control Shifts from Sabet to MBDW

The changes were recorded in Companies House filings received today (Wednesday) and took effect yesterday. Sabet ceased to be a PSC on the same day that MBDW Holdings became a registrable RLE.

The filings do not disclose the value of any transaction or explicitly state that MBDW Holdings acquired LCG. They indicate a change in LCG’s registered control structure, but do not provide details of the underlying transaction.

Companies House had previously listed Sabet as an active PSC, with ownership of more than 25% but no more than 50% of LCG’s shares.

LCG Resumes Operations After FCA Restrictions

The latest filing marks another change in LCG’s ownership following the collapse of FlowBank, the Swiss bank founded by Sabet. FlowBank previously owned LCG, while LCG’s UK operations continued separately after the Swiss parent failed.

The Financial Conduct Authority subsequently imposed restrictions on LCG’s UK entity following FlowBank’s collapse. The restrictions prevented the company from onboarding new clients, accepting new client money and carrying out certain regulated activities.

LCG had shifted to an introducing-broker model with IG Group before the latest ownership change. The FCA later lifted the restrictions on the UK entity.

This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More

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