Tim Yeo's Green Networking in Parliament Pays Off

A whole new can of worms has been opened by the publication of the banqueting and room hirings sponsored by parliamentarians.  For example  Tim Yeo MP is the current Chairman of the Environmental Audit Select Committee, not a surprising position for a former Environment Minister.  In July last year he sponsored an evening event for 150 members of the Environmental Investment Network.  Held in the impressively plush Members’ Dining Room overlooking the Thames, it certainly is a pleasant environment in which to woo and lubricate potential green investors.  Coincidentally Tim is also chairman of a small investment-hungry AIM listed company called AFC Energy plc, who are developing “environmentally friendly fuel cells”.

At the time AFC Energy plc were raising £2 million from  environmental investors, and for each of the following five months AFC Energy paid Tim Yeo £3,750 a month (up to a total of £18,750) until in December when they succeeded in raising the £2m they were seeking from environmental investors in a share placing.  Tim also got a bonus when the shares were placed with investors of 150,000 shares for his work.  All in all he made a total of some £80,000 out of the AFC deal from July when he hosted the Environmental Investment Network event until December when they sold the shares to investors.

Guido is on Newsnight tonight with Tim Yeo and hopefully we’ll get a chance to discuss the propriety of using Parliament’s heavily subsidised public banqueting facilities to entertain people you might in the future have business dealings with.  Private business and public service should not mix easily…




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