Just when the Tories thought the worst was behind them with the Election Expenses scandal another proverbial skeleton falls out of the closet!
On 28th April 2017 serious allegations were made about significant HSBC loans to the company IPGL led by former Treasurer of the Tory party and current Chair of the Tory party foundation Mr Michael Spencer. The unrefuted allegation was that HSBC loaned to IPGL over £200 million from 6th October 2008 onwards. The company was in some financial distress. Despite this it is reported that over £5 million of HSBC loans have been directly laundered to Tory party headquarters!
The Electoral Commission have been asked:
- Did HSBC and IPGL inform the Electoral Commission of all donations to the Tory party during the period IPGL was in receipt of a substantial loan from HSBC?
- What is the Electoral Commission’s policy where bank loans to companies in distress are then laundered to party political donations?
- Will the Electoral Commission launch an immediate investigation into whether electoral law has been broken by HSBC and IPGL since 2008?
- In the Electoral Commission’s view have such loans any implications for full and proper declarations relating to the 2017 General Election?