As the Gulf conflict wreaks havoc across the region, the United States – this time via the Department of Justice – is continuing to target Iran-affiliated trading firms in the UAE.
On 6 March, the DoJ launched a $15mn civil forfeiture complaint against Dubai-based trading firm Wellbred Capital Pte, Ltd and its subsidiary Wellbred Trading DMCC, alleging ties to Mohammad Shamkhani, son of the recently assassinated Iranian military figure Ali Shamkhani. The younger Mr Shamkhani, known as ‘Hector’ in Dubai trading circles, oversaw a slew of large trading firms in Dubai such as Nestwise and Max Energy until western sanctions eventually caught up with him in 2025 (MEES, 15 August 2025). (CONTINUED – 338 WORDS)
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