• Tory made Lazard London chair in run up to Royal Mail deal
  • Archie Norman was front bencher and confidant of William Hague
  • Lazard advised on the sale before making massive profit in days

Archie Norman

With Scrapbook yesterday highlighting the £1 million Tory donations of a City firm given ‘golden tickets’ in the cheap fire sale of Royal Mail, it was inevitable that details of further links between ‘priority investors’ and the Conservative Party would emerge.

Step forward Lazard, who not only advised on the deal but were among financial firms given preferential terms by the government — ostensibly on the basis that they would form, in the words of Vince Cable, “a core of high-quality investors” who “would be there in good times and bad”.

So guess who they appointed to oversee their London operation in the run up to the sale, after which one division flogged its entire stock within days after the under-priced shares predictably spiked — securing a profit of £8m.

Financial News reported back in July 2013:

“Lazard, the independent investment bank, has appointed former Conservative minister and ex-Asda chief executive Archie Norman as its London chairman, as the firm works on the privatisation of the Royal Mail.”

“Norman, 59, who has been a senior adviser to Lazard since 2003, will strengthen his ties with the investment bank at a time when a string of UK Government mandates are up for grabs.”

When not writing articles for the Telegraph complaining about trade union membership, he also chairs ITV plc, where one of his first acts was to appoint Adam Crozier as chief executive.

Crozier was the, errr, chief executive of Royal Mail from 2003-2010.

  1. How are they allowed to get away with so much corruption , we need a strong labour leader and legislation banning any trading where there is the slightest connection between those selling and those buying

  2. They get away with it because we let them. And don’t hold out much hope from a “strong Labour leader”, either.

  3. Marian Standen says:

    Why Isn’t the financial services investigating, this is clearly insider trading. But then again some tory probably got his finger in that pie too

  4. Peter Hales says:

    It is robbery. Money taken from us, the tax payer, and put into the pockets of those close to the despicable coalition government.

  5. we are getting like the rest of the world corruption in government leading to a corrupt country WE MUST HAVE A STRONG HONEST people in government

  6. the only way to stop the corruption is by uniting & getting people power just like the french but alas that will never happen. Nothing else will work that is why they rob us blind & get away with it. Thats somthing for all to think about.

  7. i find this just as much distasteful as any body else ,but the only alternative is to vote them out , you have ONE vote either the mob that are in now or LABOUR if you don’t vote against em your for em if you don’t vote at all you get whatever party is elected and one can only say YOU VOTED FOR THEM BY NOT VOTING AGAINST THEM

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