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05 Mar 2010
Lord Ashcroft has sparked new controversy, as it emerged he used several companies to move money from the tax-haven of Belize to fund the Conservative Party.
A Belize-based company, Stargate, bought shares in a small British company which then bought shares in another company, Bearwood Corporate Services. This led to money being moved from Belize to Britain.
All the companies are thought to be connected to Lord Ashcroft, and the donations were attributed to him by Tory officials. Bearwood Corporate Services is one of the Conservatives’ biggest benefactors, donating more than £5m during the past six years, reports the Telegraph.
The arrangement was ruled legal yesterday by the Electoral Commission, which regulates political donations. However, its ethical basis has been questioned.
The Conservative peer, and deputy chairman, caused controversy earlier this week by admitting he was non-domiciled and therefore only paid tax on his British assets.
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