East London club FOLD has had its license revoked by Newham Council.
The club is under investigation by the National Crime Agency for fraud-related issues of over “approximately £200,000 worth” of “high-value DJ equipment.” Two people associated with the venue, Lasha Zhorzholiani and an unnamed person, were arrested on money laundering charges but later released without charge.
Read this next: London club FOLD's license suspended following money laundering allegations
Newham Council decided to revoke FOLD's license during a hearing at Newham Town Hall on Wednesday night, but the club can continue to operate while it appeals the decision.
Following the hearing, FOLD posted on Instagram: "Whilst this is hugely frustrating, we can and will stay open whilst we appeal this decision. This weekend and for the foreseeable future, it will be business as usual."
Read this next: Check out this 10-minute long film about London club FOLD
The club added: "We are confident that our appeal will be successful and continue to defend ourselves. We are standing strong in the face of the continued adversity and are confident that the police and licensing will conclude that we have not acted with any impropriety."
Read this next: Get the best of Mixmag direct to your Facebook DMs