Tory MP Priti Patel facing questions about transparency after it emerges potential shares windfall in her name registered with Commons after she was quizzed by us
Tory MP Priti Patel was last night facing questions about transparency after it emerged a potential shares windfall in her name was registered with the Commons after she was quizzed by The Mail on Sunday.
This newspaper revealed eight weeks ago that software accounting firm Accloud was planning to float on AIM, London’s junior stock market – and that it had recently recruited the MP for Witham in Essex as a non-executive director.
Asked prior to publication whether she would make money through shares or share options in Accloud when it joins the stock market, Patel said all declarations had been made to the Commons.
Windfall: Conservative MP Priti Patel has share options in software accounting firm Accloud
At that point, the register of MPs’ financial interests listed only Patel’s £45,000-a-year salary as a director. The register did not show 20,000 share options handed to her in February – these were registered on May 3, the day after she was approached by The Mail on Sunday. Those share options mean that when Accloud floats, Patel will be in line for a windfall.
Their worth will be determined by the value of the company when it lists.
Patel, the former International Development Secretary who campaigned to leave the EU, is backing Boris Johnson in the Tory leadership battle.
Accloud is targeting small businesses in India, where Patel’s parents are from. She joined as a director earlier this year.
Patel said last week: ‘All interests relating to Accloud have been declared and registered accordingly.’