Yes me good mate that is one of those new 'Outcast' bait clips. There mainly designed for the likes of off the ground casters, like your self. They lock the hook into place in the clip so when you put the lead on the ground theres now way the hook can detatch. As you cast the force that is exerted causes the clip to unlock, allowing the hook to be release as your lead hits the water/bottom, etc.
There a very good lil invention. They are available separately or already attached to the 'Outcast' lead weights. Obviously wat the lad who lost this rig has done here is use a one of the breakaway lead links to attach his to the weight.
Hope this solves your little mystery buddy.