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