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Minister who was director-for-a-day
Sajid Javid, Issue 1416

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SUNDAY TRADING? Sajid Javid, who wouldn’t tell the Eye why he was apparently a director of his younger brother’s buy-to-let property business for just one day, a Sunday
IF a prime minister needs to be transparent over his tax affairs, a business secretary might be expected to come clean about his previous, mysterious, company directorships. Oddly, however, Sajid Javid seems not to agree.

In 2003, when Sajid was a high-flyer at Deutsche Bank, his younger brother Atif set up a by-to-let property business, SA Capital Ltd, in their home town of Bristol. Sajid was a shareholder but not a director of the firm. Until, that is, he became a director on 22 May 2005. Oddly, this was a Sunday. Odder still, a month later his brother filed a notice at Companies House showing that Sajid had resigned as a director on exactly the same day.

Wealthy banker
Javid has refused requests by the Eye to explain the one-day directorship, but it clearly coincided with the company’s plans to expand. Accounts for 2005 show that the firm’s borrowings increased by £1m, from £218,000 to £1.22m.

Much appears to have been used to acquire three properties in Bristol, with mortgages created on these in early August, according to Companies House records. It may be that the one-day directorship of a wealthy banker helped secure the borrowings (with no further injection of equity, according to the accounts). If that were the case, it may be a practice lenders would be none too impressed by.

Sajid Javid sold his shares in the company to his brother that June, and it has boomed ever since, now owning £6.3m worth of property.

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PEERS AND MORGAN
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IN ROWNTREE WE TRUST…
The Joseph Rowntree Reform Trust helps pay a Lib Dem MP’s legal bill –amid signs the party’s favourite cash-cow is beginning to run dry.

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Next issue on sale: 26th April 2016.
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PLUS: Milking the Lib Dems’ cash cow.

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Private Eye Issue 1415