I see nothing untoward about this at all to the point I feel I've missed something. Not everything in business is black and white and that's why so many different corporate structures exist - to hide things, far more often than not legitimately and for legitimate purposes. You will never find out everything about this guy and his businesses.
Has this all stemmed from "5 subsidiaries" actually being 1 and 4 probable purchases? If so this is almost definitely just a mistake from whoever drafts what goes on the website. I spend 90% of my life drilling home to clients that corporations are different entities and what owning or controlling them actually means. I would bet everything I own that Recon being the majority owner in one and seeking to buy 4 more got lost in translation and became "having 5 subsidiaries" either through the drafter misunderstanding what he was being told or not realising how big a mistake it is to essentially pre-empt a bunch of other acquisitions when they haven't yet happened (they may have just misunderstood something about how far down the line the sales were without actually having been completed).
Who knows. I personally have confidence that this guy is the real deal. His credentials are excellent, he speaks sense, he has been honest about his intentions (including non footballing intentions), he has been very open where he hasn't had to be and he is from a country who are pushing football so any government involvement or influence can only be a positive thing (for now).