Now Nadhim Zahawi faces £30m loan claims as he targets Tory . leadership
- Zahawi & Zahawi Ltd accounts show £23m in loans approved by banks in 2021
- The company was founded by the hopeful Chancellor and his wife
- Another £32m in loans came from ‘other creditors’, according to the accounts
- Experts described intent as ‘exceptionally unusual’, but he denies wrongdoing
Nadhim Zahawi faces allegations that his family’s £58million real estate empire is being financed by a mysterious £30million loan.
Accounts from Zahawi & Zahawi Ltd, a company he and his wife set up, show that in 2021 £23 million in loans were approved by banks, while £32 million in loans came from ‘other creditors’, The Mirror reported.
Experts describe the set-up as ‘exceptionally unusual’. A spokesman for Mr Zahawi yesterday denied any allegations.
It comes after he was forced over the weekend to deny wrongdoing in connection with an investigation by… HMRC about his tax affairs, calling it a “smear campaign.”
Mr Zahawi’s spokesman said: ‘All of Mr Zahawi’s business interests have been duly handled and declared.
“He is not involved in Zahawi & Zahawi’s decision-making process and there is no offshore trust involved in Zahawi & Zahawi.”
The comment follows a strenuous denial by the Tory leadership on Sunday who hoped he was ever involved in illegal tax activities.
A spokesman for Mr Zahawi, pictured at the Conservative Way Forward Relaunch, yesterday denied any wrongdoing
Numerous reports suggested the 55-year-old had ties to two offshore companies in the Gibraltar tax haven – a claim he denies.
Mr Zahawi promised to publish his tax returns annually if he becomes Prime Minister. I have never applied for tax status in a country other than the UK.
“I have responded to these alleged allegations because I think it is right to be transparent.
‘I corrected the record. I trust that these smears are now being seen for what they are.
“I make no apologies for being a successful businessman. I am the beneficiary of the British dream and I know it.
“I’ve done well investing in the UK and I think that’s something to celebrate. I want everyone to have the opportunity to be successful.’
Zahawi, who founded the YouGov polling station, moved from Iraq to Britain at age 11 after his family was forced to flee Saddam Hussein.
He had an extremely successful business career before entering politics in 2010.