THE INDIAN tycoon bidding to takeover Blackburn Rovers has vehemently denied reports he has been ordered to close down his foreign investment company.

BBC 5 Live last night claimed Ahsan Ali Syed was ordered to fold his Bahrain-based firm Western Gulf Advisory for ‘violating the laws and regulations of Bahrain’.

Five Live alleged action was taken against Mr Syed’s firm amid suspicions WGA was acting on behalf of a ‘hidden investor’.

But in a statement this morning, Mr Syed said: “There is no hidden investor or any outside wealth involved in any way in the investment activities of Western Gulf Advisory (‘WGA’).

"All our investments are based on our own financial resources and strength, and I am the sole shareholder of the company.

“The Bahraini authorities have asked for clarification on WGA’s investment activities and we are co-operating fully with their enquiries.

"Our Bahrain business is a separate entity to our European businesses such as Western Gulf Advisory AG, based in Switzerland, which have been responsible for executing most of WGA’s current investments, such as J&M McCabe in Ireland and Landmark in Australia.

"WGA’s investments are always made by one of its European entities and this will also be the case for the potential takeover of Blackburn Rovers.

"Our Bahrain business is a separate entity which is not involved in investment activities of WGA at all and has in fact very limited scope of activities.”

Last night, when asked whether he had been ordered to close down his foreign investment company, Syed's spokesperson Julia Thiem said: “No he hasn't. We do deny that.

“There is no hidden investor and I don't know where these stories come from. It is all very easily checked legally.”

The spokesperson said Swiss-based Western Gulf Advisory AG was making their investments, including the proposed £300million takeover of Blackburn Rovers.

Ms Thiem added: “Let me emphasise again that Bahrain is a separate entity that has got nothing to do with our investment activities at all.

“In fact this entity has got a very limited scope of activities.

“With regard to the purchase of Blackburn Rovers, our European investment team is handling the negotiations with the advisors of the Jack Walker trust which are proceeding very well. “