Bishop Hill More Deben
Aug 20, 2012 Commenters on the Severn Barrage thread have been doing some very interesting work on Lord Deben's financial interests. Although the great man has apparently indicated that he will take unspecified steps to ensure that his financial interests do not impinge upon his work as chairman of the Climate Change Committee, the sheer scale of those interests starts to look, well, extraordinary.
First off, Terry S noted the various shareholdings of Corlan Hafren, the company that is to build the Severn Barrage.
Shareholdings of Corlan Hafren:
There are 8704 shares comprising of 8700 non-voting shares and 4 voting shares.
3400 + 1 John Richard Forbes Bazley
2200 + 1 Halcrow Group Limited
1100 + 1 Sancroft International Limited
2000 + 1 Joseph Hannah & Nicholas MacMillanI've no idea who they are but it appears that Lord Deben doesn't have any shares.
Fortunately, it was quickly spotted that Sancroft International is a company owned by Lord Deben and his family. SimonCM replied:
The old pea and thimble trick .... The erstwhile Lord is a director, and 1/6th shareholder of Sancroft International Limited. The other shareholders are all Gummers (i.e. Lord Deben's family including wife, son and three not easily identifiable through Google).
Therefore, by my maths, Lord Deben owns 2% of Corlan Hafren and the Gummers as a collective own about 12%. Not bad when you're proposing a £30bn project!
(Note that I haven't checked the figures above). Let's say, conservatively, that if it gets the go-ahead, this £30bn construction project is worth £32bn. With a £2bn profit, as 12% stake would be worth £240m. Of course, without the go-ahead it's worth nothing.
Decisions, decisions for the Selwyn-Gummer family.
Bishop Hill
Another interesting observation from Leo Hickman
also interesting that Letwin met with Sancroft last year... http://whoslobbying.com/uk/sancroft_international_limited … and Letwin is now reporting on barrage to PM
Bishop Hill
Deben's response per Leo H:
"All taken back by the company. No ongoing connection with Sancroft or me"
I wonder what "taken back" means. They did a share buyback or something?
Bishop Hill
More from Leo:
Deben sponsored EDM in '07 calling for Severn Barrage, which was signed by Davey, Huhne (+ Stringer :-) ) http://www.parliament.uk/edm/2006-07/1476 …
Reader Comments (63)
Shareholdings of Sancroft International Limited
There are 612 ordinary shares
102 Benedict Michael Gummer
102 Cordelia Charlotte Angelica Gummer
102 Penelope Jane Deben
102 Felix John Gummer
102 Leonora Cicely Gummer
102 John Selwyn Deben
Ha, crowdsleuthing at its best.
It's obvious surely that Lord Deben is the wrong choice for chairman of the Climate Change Committee. It's not possible to divest completely and credibly, especially given the family interest. You pays your money and takes your choice - and he's already done so.
What happens at the governance level should be a formality.
This level of corruption in British politics is obscene.
Is one of those names the infamous burger-snaffler? Payoff!
Checked my own question. Cordelia is the one.
Has anything remotely similar happened in the past?
[Snip - venting]
THIS is disgraceful. So he is not on the board and thinks that this means he has no conflict of interest.
This guy should be ashamed of himself.
[Snip - venting]
omnologos:
Has anything remotely similar happened in the past?
"Controversial" late '50s Transport Minister Ernest Marples of Marples-Ridgway, who was so keen on closing railways and building Motorways instead, springs to mind. Mind you, you can at least get from A to B on the motoroways, unlike wind power, where you can only get to Hell in a handbasket.
I did hear hair-raising stories about land speculation in Greenwich in the run-up to the launching of the Millenium Dome project but they could be rumour. And, of course, there's Labourites aplenty with snouts in the wind-power trough, inc Lord George Robertson and former Grauniad exec Paul Myners, who later did so well as the Fiend from Fife's "Financial Services Secretary" at a time IIRC when the lifetime of ROCs was extended to 2035. (Myners later found himself in hot water over his touching loyalty to Formerly-Sir Fred "The Shred" Goodwin over the tricky matter of the chap's pension. Quite right too - the chap had school fees to pay.)
http://www.decc.gov.uk/en/content/cms/news/pn12_078/pn12_078.aspx
Deben: “Chairman, Association of Independent Financial Advisers; Chairman, Forewind Ltd; Chairman, Sancroft International Ltd; Chairman, Valpak Ltd; Chairman, Veolia UK. Non-executive Director, Castle Trust Capital Ltd; Non-executive Director, Catholic Herald; Non-executive Director, Veolia Voda.”
Forewind Ltd: Four leading energy companies committed to the UK wind industry and to gaining consent for Dogger Bank, potentially the world’s biggest wind farm.
Sancroft: From water, energy and waste to carbon offsets, renewables and cleantech………….. Climate change will be the most disruptive influence on business. The risks it poses are immense; the potential rewards considerable.
Valpak Ltd: Valpak is the UK's leading provider of environmental compliance and consultancy, recycling solutions and carbon and energy services.
VeoliaUK: Veolia Environmental Services is the UK's leading recycling and waste management company. …..Waste Management; Water; Energy; Transport .
Veoilia Voda: Veolia Water UK Plc and Veolia Voda SA, both belonging to VE Group, provide water and wastewater management services respectively in the UK and Ireland and in Central and Eastern Europe.
The Catholic Herald doesn’t seem to be a problem, and Castle Trust Capital , well, who knows…..but otherwise, the whole of the environment industry nicely taken care of ….
Ancient Barsoomian proverb: "Where bug is, bugs are." It's time to flip all the rocks over and see what crawls out. Multiple investigations will be ordered. All parties will be exonerated as many times as it takes to establish their innocence to the full satisfaction of the BBC and the Grauniad.
"John Selwyn Deben"
That's odd. Has he changed his surname to Deben ?
Someone commented in a previous thread that Life Peers normally use their surname for their title. Gummer didn't, unless Deben is now his surname. His brother is also a Life peer, Lord Chadlington, so no risk of confusing two Lord Gummers.
Gummer didn't exactly cover himself in glory over MP's expenses. To quote from one newspaper:
"Mr Gummer claimed close to the maximum Additional Costs Allowance every year – but leaked correspondence from the Commons Fees Office published last night show he was less than meticulous in submitting receipts to support his expenses claims."
If he has any integrity, he would stand down from the chairmanship of the CCC given the extent of his massive conflict of interest.
One would think Cameroon would have learned his lesson over picking "wrong-uns".
Leo Hickman has been getting pertinent comment from Lord Deben himself and tweets:
It's still not good enough. He has close friends in a company standing to make a killing if the project is given the go-ahead. And he's made his ideological commitment clear on the subject for many years. He may be a man of the greatest integrity, whose investments follow his genuine beliefs, not the other way round, but he cannot bring the needed level of independence to this role.
So what does Gummer bring to the companies he 'Directs'? His Wiki page says that he studied History at Cambridge so I'm guessing that he isn't exactly flush with business acumen.
People of his background only sit on the board of these type of business due to the fact that they have political contacts and can make things happen.
[Snip - venting]
Shouldn't this be reported directly to the HoC Standards and Privileges Committee?
http://www.parliament.uk/business/committees/committees-archive/standards-and-privileges/
[Snip - funny but venting]
[Snip - funny but venting]
If Sancroft has transferred the shares then Corlan Hafren has not registered the share transfer.
I think (but I'm not a 100% sure) that transfers have to be registered within 30 days so it will be interesting to see when the transfer appears in Companies House
You can be sure that whatever the rules are, characters like this will have a team of advisors making certain that they obey the precise letter of them while continuing to benefit hansomely.
If nothing else, their mates who run the companies which do benefit will have a nice grossly overpaid non job for them when they leave politics.
Leo Hickman seems to be tipping a lot of winks on this subject, but is he raising it to any extent in the journals he's paid to write for?
Cumbrian Lad
Leo seems to be satisfied with Deben's assurances that he has no conflict of interest.
http://www.guardian.co.uk/environment/2012/aug/20/severn-estuary-tidal-power-project?intcmp=122
May I say I find some comments pointlessly insulting, sounding more like the usual low-level anti-politicians populism than anything worthy of appearing on this or any other website.
If Deben has or hasn't a case to answer, it all depends on established practice, not on his or anybody else's nobility of the soul. What has happened in the past wrt relatives and close friends? Have other figures transitioned from profiting in a field to advising Government for more profits to be made in the same field? Etc etc.
If I were a journalist I would investigate and explain that, rather than do a copy-paste of inane DECC statements.
There is also a company called Selwyn Sancroft International, which has various Selwyn Gummers on the board. I wonder what they do?
http://www.cdrex.com/selwyn-sancroft-international-limited/board-3355890.html
"One would think Cameroon would have learned his lesson over picking "wrong-uns"."
Aug 20, 2012 at 5:35 PM | TC
Yes, I've been apalled right from the start of his leadership that Cam0ron seems to surround himself with some fairly dodgey individuals - in fact, a true Heir to Blair.
Sancroft Consultants as of 20/08/2012
Perhaps Lord Deben ought to inform the company that he no longer has any ongoing connection but perhaps he has done enough by moving his families share portfolio for one day.
Register of Interests
Lord Deben founded Sancroft in 1997, the company has received his income from articles and conferences, providing research assistants etc as required and his immediate family, probably, receive dividends as shareholders.
He is still listed as a consultant today which means the decision to have no ongoing connection will have been recent and that he specifically says 'and me' which may indicate that his family, who supposedly have shares (excellent way of reducing tax liabilities), may not have given up their connections (if they understand their involvement).
Deben sponsored EDM in '07 calling for Severn Barrage
EDM = Early Day Motion
No comment
"Leo seems to be satisfied with Deben's assurances that he has no conflict of interest."
Here in the States, a person's assurance that he has no conflict of interest is worth not one cent. Is it worth something in England? Is it effective in avoiding or stopping investigations?
Corlan Hafren was formed two years ago and it's last accounts were made up to 31/12/2011 at which point the company was classified as dormant (no financial activity). The only funds the company holds are shareholder funds of £91. It has no assets.
Suddenly this
companyconsortium is in the running for a £34 billion project.Lord Deben, meanwhile, claims he "stood down" from the board two months ago (June) and yet nothing appears in Companies House even though they should have been notified. He also claims that Sancroft no longer has shares in Corlen Hafren although, once again, companies house has not been notified.
Given that any value in the shares of Corlen Hafren is only there because of the £34 billion project they are trying for, I wonder how much (if anything) Sancroft got for their 1100+1 shares?
The corruption at the base of the climate consensus basically makes corruption in the manisfestations of the cliamte consensus inevitable.
How extreme will this social dysfunction become?
The outlook is not good.
When did the UK turn into Botswana?
Fred: "When did the UK turn into Botswana?" It's because our criminals decided that to avoid having to flee to Botswana, they would create the same conditions at home!
If you are even so much as a humble Parish Coucillor, the law requires you to publish details of your own *and* your spouse's/partner's financial interests. But there are those who are above the laws that apply to the little people.
I know that there are and probably always ill be some 'conflicts of interest ' in decisions by politicians/ their paymasters and the public but even an eternal pessimist like me finds this financial mess up unconscionable !
He was 5th worst claimant for parliamentary expenses and had to repay some £29,000, including recruitment costs for his own company, which he had charged to the taxpayer.
http://www.moneymarketing.co.uk/politics/aifa-chairman-and-mp-john-gummer-told-to-pay-back-29398/1006279.article
The current MD of Sancroft is Adrian Gahan, former Energy and Climate Change Policy Advisor to the Conservative Party, who is described as a key player in the passage of the Climate Change Act
Lord Deben is Chairman of the Association of Independent Financial Advisors and a non-executive director of Castle Trust Capital Ltd. Its business model involves a complex scheme betting on future house price rises and is an offshore company based in Jersey. (As far as I am aware, comedian Jimmy Carr is not involved with this one).
"Castle Trust is a new firm but has some pedigree in the boardroom. As chairman, former FSA chair Sir Callum McCarthy sits above a management team that includes John Gummer, chairman of the Association of Independent Financial Advisers, and Dame Deirdre Hutton, a director of HM Treasury and former deputy chair of the FSA. When you invest in Castle Trust's House via your Isa you actually buy shares in a Jersey company called Castle Trust PCC. Castle Trust then buys the shares back from you at the end of the term. This gives you a return based on the change in the Halifax House Price Index."
In December 2005 David Cameron appointed him Chairman of the Quality of Life Commission. The Quality of Life report, "Blueprint for a Green Economy", was launched in September 2007. He is a board member of Prince Albert of Monaco Foundation, http://www.fpa2.com/governance.html
He was at Rio+20, as President of Globe International.
Who is going to put up the £30 odd billion?
It is rumoured EU glove puppets, Greenpeace Dave and Bilderberger George are 'on board'.
Green Tory boys, they like it, because most of the construction funding will be provided via 'private capital' - middle East funding - Qatari and Saudi 'investment' funds but there's a catch, they want guarantees of upwards + £140/MWhour, or equal to the subsidies for wind generated power/new nuclear, thus equals - the taxpayer [consumer] still gets shafted.
Imho, the whole idea is sheer idiocy - a very grandiose vanity project, unless a lagoon is created behind the barrage and that is not good for the wading fowl, environment and aesthetic landscape/seascape lovers, I hope the project is 'damned' forever.
Coal and gas will do.
http://www.financialadvice.co.uk/news/investments/89781-conservative-party-promises-to-repay-asil-nadir-donations.html
AlecM some of our Criminals who also happened to be Tory Party Doners also fled to Cyprus.
TerryS and others, nice crowd-sleuthing.
Corlan Hafren was formed two years ago and it's last accounts were made up to 31/12/2011 at which point the company was classified as dormant (no financial activity). The only funds the company holds are shareholder funds of £91. It has no assets.
Suddenly this company consortium is in the running for a £34 billion project.
And yet the BBC uncritically report that this 91-pound 'consortium's' £34 billion project "would not need a single penny of taxpayer's money."
This is a screaming bloody scam that may directly or indirectly impact the savings and retirement benefits of possibly millions of people, but the BBC goes on to discuss the potential impact of the project on birds and bees.
I keep wanting to quote Edward Lear when I read about these type of stories.
Far and few, far and few,
Are the lands where the Jumblies live;
Their heads are green, and their hands are blue,
And they went to sea in a Sieve.
BTW, how will this project be affected by the 'catastrophic' rise in sea levels we expect in 20, 50 and 100 years?
Good point sHx. They will have to engineer int he expected sea level rise somehow. Hmm? That'll be another 20 billion please.
After carefully considering my many interests, I have determined that I am no more conflicted than my honourable colleague, Lord Gnome. I can therefore unreservedly recommend that my family and friends become inordinately wealthy as soon as possible, thereby diminishing world wide temperatures imperceptibly. I should also add that I welcome the findings of the independent inquiry chaired by Lord Oxburgh which has confirmed the propriety of my actions and character in a matter of several tens of minutes, without once having to suffer the indignity of a meal in Norwich.
Aug 20, 2012 at 10:37 PM | Fred
I think you are doing Botswana an injustice. By no means perfect but well above the African average in most respects. Equatorial Guinea might be a better comparator.
Aug 20, 2012 at 11:13 PM | VftS
Absolutely spot on. Even at Unitary Authority level, any Councillor with even the remotest 'interest' in anything has to silently leave the debating chamber. (I'm not suggesting that there are no dodgy 'uns who unaccountably 'forget'!).
When I was first a Councillor, it was thought generally acceptable to remind Members (and to point out to any members of the public) who your employer was, or where you lived, or what position your spouse had, before making your point. If the interest you had was clearly financial then certainly you should withdraw. But they changed the rules in the late '90s so that you couldn't even make a point of information which would assist debate, to the extent that if you really knew what you were talking about, you weren't allowed to talk!
As you say, that's just for little people. They are so much more grown-up at Westminster and even the most flagrant conflicts of interest are just smiled and winked about.
A politician making financial gain form his position, say it ain't so?
The problem you have is to clear this sort of behaviour out of West Minister you'd have to clone Guy Fawkes and give him another go.
"He may be a man of the greatest integrity.."
And my pig-pen is under consideration for the Third Runway...
Theo Goodwin says:
"Here in the States, a person's assurance that he has no conflict of interest is worth not one cent. Is it worth something in England? Is it effective in avoiding or stopping investigations?"
Yes it is if you are a member of the climatocracy.
Maurizio
"pointlessly insulting"
If you'd had to endure his fake piety and nauseous posturing over the years, you wouldn't think it was pointless!
What an amazing coincidence. These have just appeared in Companies House:
20/08/2012 APPOINTMENT TERMINATED, SECRETARY JOHN LUCAS
20/08/2012 APPOINTMENT TERMINATED, DIRECTOR JOHN GUMMER
20/08/2012 APPOINTMENT TERMINATED, DIRECTOR ANTHONY PRYOR
20/08/2012 APPOINTMENT TERMINATED, DIRECTOR TEMPORIS CAPITAL LLP
20/08/2012 SECRETARY APPOINTED MR ROBERT BROOKS
To appoint one chairman of the Energy and Climate Change Committee with a conflict of interest might be an accident. But to appoint two is pure carelessness.