Pyramid Transnational: Banque Misr's Role in Hosting Front Companies
WikiIran's Exclusive
May 2024

Looking back at the Persian Gulf Petrochemical Industries Commercial Company’s (PGPICC) documents, it appears that Banque Misr has a noticeable role and a dubious history of unknowingly facilitating sanctionable Iranian petrochemical export. WikIran calls on Egyptian-Emirati Banque Misr to hold up to top banking standards and act against the unbelievable number of 38 Iranian front companies it hosts and provides services to.

While it is long known that the UAE, China and Hong-Kong are fertile grounds for front companies due to their tax regulations, and most likely the political and economic benefits for the hosting countries, the case of Banque Misr is an abnormal phenomenon when it comes to Iran. Some banks from the UAE, China and Hong-Kong are more prone to experience Iranian illegal intervention than others. For example, Abu Dhabi Islamic Bank (ADIB), rarely comes up when going through the WikIran databases. On the other hand, Banque Misr hits the top of the list by far, especially when analyzing PGPICC’s documents. Here are some interesting facts worth mentioning regarding deals conducted using front company accounts hosted at Banque Misr:

  • Large sums of money transferred at once: It appears that the actors involved in fraudulent sanction-busting business were not worried about transferring large sums of money at once and raising red flags at the bank's compliance division.

In one of the cases, a single transfer of 46.1 million AED (~12.5 million USD) was made from Universal Oceans 7 DMCC (a front company used by PGPICC’s customer) to Nefta Trading LLC (a PGPICC front company).)

  • Banque Misr accounts often appear in formal letters of Iranian banks: various letters written by Bank Melli Iran, Iran Tourism Bank and Bank Mellat accounts were found.

Banque Misr accounts often appear in formal letters of Iranian banks Banque Misr2

  • The Use of checks as a preferred method of payment: Perhaps coincidental, but might indicated to even lacking safeguards with this payment method.

The Use of Checks as a preferred method of payment

The following table includes information about UAE-based front companies that hold accounts in Banque Misr:

numberFront Company’s NameBank Account
1Greenland Oil & Gas Trading FZEAE680150080309100007091(AED)
2Metron Middle East FZEAE870150080302400010042(AED)
3Samay FZEAE560150080309100015067(AED)
4Sitrac Oil and Gas Company DMCCAE860150080309100002790(AED)
5Pavoni Trading L.L.CAE720150080309100012160(AED)
6Golden International FZEAE980150080309100012080(AED)
7Hard Point Building & Construction Materials Trading L.L.CAE860150080309100008028(AED)
8Bright Loyal Goods Wholesalers L.L.CAE870150080309100009368(AED)
9Piera Global Trading LLCAE960150080309100008527(AED)
10Abhiraj General Trading FZEAE590150080309100002597(AED)
11Ironside Plastic and Nylon Raw Materials Trading FZEAE780150080309100004195(AED)
12Point to Point Goods Wholesalers TRD LLCAE850150080309100006882(AED)
13Shams Alrabeea Chemicals Trading LLCAE490150080309100003068(AED)
14Koyla Trading LLCAE950150080309100012910(AED)
15Khore Al Hilal Goods Wholesalers Trading LLCAE100150080302400011428(AED)
16Easy Connect Goods Wholesalers Trading LLCAE540150080309100006179(AED)
17A L P Goods Wholesalers Trading LLCAE900150080309100007568(AED)
18Action Goods Wholesalers Trading LLCAE950150080309100004568(AED)
19Metis General Trading LLCAE190150080309100007488(AED)
20Caltex Raw Materials Trading LLCAE940150080309100010212(AED)
21Lexington Non Edible Oil & Liquefied Natural Gas Trading LLCAE120150080309100005868(AED)
22Blue Ways General Trading LLCAE810150080309100008312(AED)
23Turbo Petroleum and Petrochemicals DMCCAE540150080309100006858(AED)
24Emaco General TradingAE2401500803091000010890(AED)
25Bysaan General TradingAE280150080309100009654(AED)
26Borusan General TradingAE190150080309100003705(AED)
27Petoil Petroleum Trading FZEAE150150080309100005620(AED)
28O N C U Trading LLCAE650150080309100009958(AED)
29Grasmere Raw Materials Trading L.L.CAE350150080309100012535(AED)
30Alkyne Trading LLCAE590150080309100005507(AED)
31OMSA Trading L.L.CAE220150080309100010538(AED)
32Shiny Circle General Trading LLCAE700150080309100005697(AED)
33Greenwood General Trading FZEAE700150080309100006667(AED)
34Dupont Trading LLCAE700150080309100010256(AED)
35Graze Star Trading LLCAE440150080309100003352(AED)
36Rank Trade F.Z.EA/C No. 80309100001180(AED)
37Universal Oceans 7 DMCCAE420150080302400008718(AED)
38M and S Trading FZEAE460150080309100004286(AED)

For all related documents, click here