01 February 2024 , 14:26
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Reform UK has accepted £10,000 from a hedge fund manager who is under investigation for alleged sexual misconduct.
The donation was made last August by Crispin Odey, whose company Odey Asset Management has announced that it will close after 13 women accused him of sexual harassment or abuse.
The allegations were revealed in June, two months before Reform accepted the donation. A further six women came forward with similar claims in July. Odey denies the allegations. The Financial Conduct Authority is investigating whether he is a "fit and proper" person to work in financial services in light of the claims.
The donation, which was uncovered by DeSmog, was originally declared by Reform UK to the Electoral Commission as having been given by Independent Investment Management Initiative (IIMI). The group of asset managers is currently chaired by Sebastian Stewart, a partner at Somerset Capital Management, the investment firm co-founded by Jacob Rees-Mogg in 2007.
The IIMI has since denied any involvement in the donation. The entry was only changed on the Electoral Commission website following enquiries by DeSmog and the Mirror.
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Odey and his hedge fund donated £870,000 to Brexit campaign groups. He’s previously given money to the Conservatives including handing £10,000 to Boris Johnson’s leadership campaign in 2019. On the night of the Brexit vote he made £220million betting the pound would fall in value.
An Electoral Commission spokesman said: “We published the donation details on our register as originally reported to us by the party. The entry was amended on our database when the party informed us that it had provided inaccurate donor information. We will consider the inaccurate reporting in line with our Enforcement Policy.”
An IIMI spokesman said: “The IIMI has never made a donation to Reform UK. This has been confirmed unequivocally by Reform UK. The IIMI is a not-for-profit organisation, has never made any political donations, nor does it intend to do so. The IIMI has worked with thousands of individuals at member firms since its establishment in 2010. These individuals are entitled to make personal donations to any causes as they wish.”
Reform UK, which was previously known as the Brexit Party, was founded by Nigel Farage who remains Honorary President. Its leader is now Richard Tice.
Reform UK and Odey have been contacted for comment.