The former Prime Minister Philip Hammond made millions of dollars from 30 directors and consulting while serving as a member of the House of Lords.
He has worked in Saudi Arabia, Bahrain and Kuwait, and the regime has been criticized by widespread criticism. Human rights record. He is also employed by a range of different commercial businesses, such as investment companies, technology businesses and tax consultants.
Although the total is unclear, he earned millions of pounds through these work.
The Conservative Party began to pick up clients when it became a companion in 2020. That year, Lord Hammond established his own consulting company, Matrix Partners. Official records show that pre-tax profits have generated at least £3 million since their inception. With only three Middle Eastern governments, he received a salary of more than 800,000 pounds.
According to official documents, Hammond was the Secretary of Defense, Foreign Minister and Prime Minister between 2011 and 2019, and in some cases he met individuals related to his current position.
One of his post-government jobs was to advise the Japanese bank Nomura. When he served as Prime Minister, he formally met with senior management in Nomura at the British Ambassador Tokyo residence in 2019 to discuss formal business.
The Guardian’s House of Lords debate project raised questions about the appropriateness of peers as consultants, while also voting on government legislation.
House rules were tightened after a series of scandals, while MPs were banned from any form of consultation involving political advice. But the House of Lords rules do allow peers to take counseling positions. Democratic campaigners believe that at least this has the potential to allow peers to benefit from their own standpoint.
“I have a portfolio of multiple external interests, and it has nothing to do with my House of Lords membership,” Hammond, 69, said.
He said the House of Lords had strict rules to prevent potential abuse. He added: “All my roles are in full compliance with the letters and spirit of the rules and guidance of the House of Lords and over the years I have extensively participated with the authorities in the House of Lords to ensure that every new role is fully compliant.”
Before becoming a member of MP in 1997, Hammond participated in businesses including real estate development and is often described as one of the wealthiest members of the House of Commons.
Hammond voted regularly in the five years since entering the House of Lords, but only three times. His last speech was in August 2021.
period At that time, he rebuked him for contacting a bank on behalf of a bank to inform him of his Whitehall regulator because his actions were considered “unacceptable”.
The regulator, the Advisory Committee on Business Appointments (ACOBA), ruled in 2021 that Hammond had contacted a senior finance official about the project developed by Oknos Bank was “an unwise step.”
Hammond said he was right because the bank was willing to help the UK government for free during the common crisis and therefore would not gain any financial benefits.
Hammond is the chairman of Copper Technologies, a crypto startup, and his stake in the technology is small and has a conceptual value of £15 million. Hammond was involved in the 2021 meeting between the bronze CEO and the Finance Minister, according to Whitehall documents.
Hammond told the Financial Times that his actions were not lobbying because he did not promote the copper meeting with the minister.
House rules require peers to declare all roles they hold to avoid any actual or perceived conflict of interest. But, they Don’t say how much they have paid for the job.
There is one exception to this rule: If you get money from a foreign government, your peers will need to announce their salary.
As a result, Hammond announced payments to advise on economic issues from the Saudi Arabian government. While in the government, he contacted Saudi ministers regularly.
Bahrain’s dominance paid £288,000 To provide advice on financial issues, the Kuwait Investment Office, which deals with the investments owned by the government, has paid him £31,250.
Other clients include insurance company Mitsui Sumitomo, expert tax consultant RCK Partners and hotel and real estate business Arora. Some of his consulting positions were not paid, but he owned shares in the company.
In addition to copper technology, the former Prime Minister is also the chairman of three other businesses: Innovo, a real estate company in the UK, the United Arab Emirates and Egypt, and other countries; fintech companies embedded in finance; and municipal partners, a nonprofit that provides affordable housing.
