The Electoral Commission says it is investigating Arron Banks in relation to donations and loans made during the referendum, specifically looking at Better for the Country Limited, the second largest donor to any of the referendum campaigns, which gave a total of £2,359,842.76 to a variety of leave-backing groups including Grassroots Out and UKIP. Banks is a director of Better for the Country Limited. The Commission described the scope of the probe:

“Whether or not Better for the Country Limited was the true source of donations made to referendum campaigners in its name, or if it was acting as an agent. Whether the recipients of its donations were given the information required by PPERA in respect of the donor. What steps the recipients took to verify the identity and permissibility of Better for the Country Limited as a donor. Whether or not Mr Banks was the true source of loans reported by a referendum campaigner in his name. Whether those individuals and entities involved in that arrangement acted in accordance with PPERA. Whether any individual facilitated a transaction with a non-qualifying person.”

Looking for Roubles?

Banks has responded to the news characteristically, “Gosh I’m terrified”. The real problem for Banks is that he is currently trying to float other interests on the stock exchange. He won’t want a quasi-judicial investigation hanging over him…