A Cayman Islands hedge fund handed Labour its largest-ever donation just days after the general election was called, it has emerged.
Quadrature Capital Limited, whose parent company is based in the Caribbean tax haven, donated £4 million to Sir Keir Starmer’s war chest.
Labour accepted the donation just before campaign rules kicked in requiring parties to make weekly declarations during the election period.
The disclosures come as No 10 is embroiled in a row over the scale of gifts handed to frontbenchers including the Prime Minister and Chancellor. Downing Street is also facing growing questions over its reliance on a handful of large donors and the potential influence they could wield.
Quadrature Capital is registered in central London and invests on behalf of Quadrature Group, whose funds are Cayman Islands-based.
In a statement, the company said it had chosen to support Labour because of the party’s “commitment to the green transition of the economy”.
“Having analysed commitments set out by each party, we donated £4 million to the Labour Party, in support of policies that will deliver climate action while also promoting social equity and economic resilience,” it said.
“This was a values-based donation, not a political donation, as Quadrature Capital Ltd remains non-partisan and apolitical.
“Going forward, our private giving will continue to be led by our values, and any further donations to political parties will depend on the parties’ commitments, track record, and alignment with our mission for sustainable and equitable growth.”
An investigation last year by The Guardian found that the company owned $170 million (£125 million) of shares in fossil fuels firms, including major polluters. It also reportedly holds millions of pounds worth of shares in US-based private healthcare companies and arms manufacturers.
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Publish date : 2024-09-23 08:56:00
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