Watchdog Declines Loan Probe for Reform's Richard Tice

Parliament’s standards watchdog has decided against launching an inquiry into Richard Tice concerning an undeclared loan of almost £80,000. The sum was reportedly provided by George Cottrell, an aide to Nigel Farage and a convicted US felon. The Liberal Democrats had referred the Reform UK deputy leader to the parliamentary standards commissioner, alleging a potential breach of the MPs’ code of conduct.

Insufficient Evidence Cited

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In a letter to the Liberal Democrat MP Lisa Smart, the commissioner stated that the complaint did not present sufficient evidence to warrant an investigation. The loan, received in late 2024, was flagged by bankers who raised concerns with authorities. It was alleged that the loan, potentially at a preferential rate from Cottrell, whose tax residency in Montenegro could make him an impermissible donor, might constitute a breach of conduct rules.

Richard Tice maintained that the loan was a corporate matter, provided to one of his companies for property business activities and therefore not subject to declaration. He confirmed that his shareholdings and directorships are fully declared. The Liberal Democrats argued that the loan's connection to Cottrell, an official adviser to Reform UK and Nigel Farage, made it highly implausible that the political connection was not a factor in its negotiation.

Loan Repayment and Scrutiny

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The sum of £78,100 was transferred by Cottrell in December 2024 to Tisun Investments Ltd, a company directed by Tice. Cottrell’s transaction attracted scrutiny from bankers due to the recipient being a serving MP and the sender being a convicted criminal. The transaction was flagged to the National Crime Agency under suspicious activity reporting requirements.

Around the same period, Tice reportedly sent approximately £92,000 to fund a property purchase in Dubai. Tice later repaid Cottrell £80,000, an amount £1,900 greater than the original loan. This repayment was made under terms understood to be favourable to Tice, considering commercial interest rates and potential early repayment fees. The loan and its repayment were not disclosed in Tisun Investments’ corporate filings or to parliamentary authorities, as reported by The Guardian.

The watchdog’s investigation into Nigel Farage has been paused following his resignation as the MP for Clacton. Farage is currently contesting a byelection for the seat.