Australian hedge fund manager Michael Hintze has found his name dragged into Britain’s latest political scandal. First, here’s some background.
Former British Defence Minister Liam Fox and best man Adam Werritty have come under a lot of scrutiny lately.
The reason is that Fox allegedly allowed his best friend Werritty to visit him at the Ministry of Defence several times and accompany him on pricey official trips even though Werritty never held an actual government position, and thus the UK taxpayer should not have paid for Fox to take along his friend.
Not only did Werritty not have security clearance, but he lived a jet-set lifestyle of air fares, hotel bills, custom tailoring and a visit to a New York topless bar. All of this was reportedly funded by Pargav Ltd, a not-for-profit company that secured funds from Conservative donors, The Australian reported.
During this time, Werritty claimed he was an “adviser” to Fox.
As a result, Fox resigned on Friday from his post as defence secretary and an investigation could be underway.
Hintze, the founder of London-based fund CQS who’s also a major Tory party donor, has now found himself unwittingly involved in the scandal.
The Australian hedge fund manager donated to Fox’s now-defunct charity The Atlantic Bridge, provided free office space for Werritty, and allowed the pair to fly around on his private jet, The Guardian reported.
When Hintze discovered his name would be appear in the headlines he went to The Sunday Times to explain that he and his hedge fund were not involved.
From The Guardian:
Hintze was at a Buckingham Palace reception for prominent Australians last Thursday when he learned that further details of his involvement with Werritty were to be made public.
That night, Lord Bell, the PR man who helped Lady Thatcher win three elections, assisted Hintze to leak full details of Werritty’s funding to the media. The next day, Fox resigned as defence secretary.
The sole director of Pargav is Oliver Hylton, one of Hintze’s closest aides and the manager of his charitable foundation that paid the donations to Atlantic Bridge. Hylton has said he was “naive” to sign the documents that allowed Werritty to create Pargav, which also sought donations from private equity boss Jon Moulton and companies linked to the defence industry.
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