Now Nadhim Zahawi faces questions over £30million loans to wife’s company
- Company of Zahawi’s wife Lana Saib received £30million in unsecured loans
- The source of the loans to the Zahawi and Zahawi business remains unknown
- They funded large property portfolio in Birmingham, London, Brighton and more
Nadhim Zahawi faced pressure last night to disclose who supplied £30million in unsecured loans to his wife’s company.
The loans were made to a business called Zahawi and Zahawi, and reportedly used to fund part of a large property portfolio including commercial and retail units in Birmingham, Brighton, London and Walton-on-Thames in Surrey.
Zahawi and Zahawi was owned jointly by the MP and his wife Lana Saib until he transferred his shares to her when he became a minister in 2018.
The loans are declared in company accounts from 2017 to 2021 – but there is no information about their source.
Nadhim Zahawi, pictured Wednesday, faced pressure last night to disclose who supplied £30million in unsecured loans to his wife’s company
Dan Neidle, a tax lawyer and founder of the Tax Policy Associates think-tank which has investigated Mr Zahawi’s finances, told The Guardian: ‘The fact that an MP’s family can receive £30million of unsecured loans I find incredible.
‘Those loans could be from Elvis for all we know. But it is a fact that a person or persons unknown has loaned the Zahawi family £30million and we don’t get to know who.’
A spokesman for Mr Zahawi told the paper he had stood down from all of his outside interests upon becoming a minister, in line with the ministerial code.
Zahawi and Zahawi was owned jointly by the MP and his wife Lana Saib until he transferred his shares to her when he became a minister in 2018
The spokesman referred to a previous statement, in which the Tory party chairman said: ‘I welcome the Prime Minister’s referral of this matter to the independent adviser on ministerial standards.
‘I look forward to explaining the facts of this issue to Sir Laurie Magnus and his team.
‘I am confident I acted properly throughout and look forward to answering any and all specific questions.’