It probably isn’t a good idea for a quango, set up to attract inward investment into London, to share offices with a single inward investor in China.
Neither does it look good that Xuelin Black, wife of a Home Office minister, Lord (Michael) Black, was involved in the introductions that led to said inward investor gaining preferred developer status for 35 acres in the Royal Docks.
But the allegation by Channel 4 News that Xu Weiping of APB was given “favourable treatment” by the London Partners quango and mayor Boris Johnson does not stand up. “Favourable” in this instance implies being given an unfair advantage over others. The question Channel 4 failed to ask was this: “Were there other bidders?”
A reminder of what was published in this column on 18 May last year: “I bumped into Newham’s ebullient Labour mayor Sir Robin Wales. What did he know of Mr Xu? The answer went roughly like this: ‘His background has been investigated. He’s the real deal. We don’t get many offers like this in the Royals. So, why not? Let’s give him a go.” The fact is that Mr Xu was and remains the only game in town on what has been a developers’ graveyard for 50 years. He seems to be the one offering favours.
Cotton’s at ease in Baghdad
Most senior partners prefer a quiet life after retirement. Not Richard Cotton, who stepped down at Cluttons in 2009 after six years running the partnership, handing over to current boss Bill Siegle.
This September Cotton took on the job of commercial adviser to the Iraq British Business Council, which involves frequent visits to Baghdad. Isn’t that a bit dangerous? “Well, it’s a bit like Northern Ireland in the 1970s,” said Cotton last week at the Wallace Collection, W1, where Viscount Portman was holding his annual party. “Bombs do go off. But life does carry on much as normal,” said the man who once ran Cluttons’ operations in the Gulf.
But what about the Islamic Front? “Yes, it is a bit strange knowing they are 50 minutes up the road from Baghdad.” Eek!
Jonas closes the shutters
Drivers Jonas’s former managing partner Christopher Jonas left the family firm 20 years ago at the age of 53 to forge a career that included non-executive directorships of Canary Wharf Group and Railtrack. He also took on the job of chairman of trustees at Roedean, the posh girls school near Brighton. Jonas, now 73, today lives in the former home of Michael Portillo, near Buckingham Palace, just around the corner from the Goring hotel, where we met recently for lunch.
His tale of saving Roedean with a property deal was fascinating, as was the account of the challenges faced by his wife, Dame Judith Mayhew, during her two years as provost of King’s College Cambridge. Today Jonas’s biggest challenge is taking pictures without getting caught. Last month our man could be found near the entrance to the Frieze art fair in Regent’s Park with his remote-controlled Leica balanced on a nearby bin, flashing off shots. Nothing naughty: the starting price for a Jonas black and white limited edition print is £1,200. An exhibition of his work was held this summer at a gallery in Canary Wharf – where else? The title: Carpe momentum – seize the moment. What else?
Scammer warning
Another week, another “crowd-funding” opportunity, but one that won’t be given the oxygen of publicity: the entreaty arrives on unheaded paper from an opaque source. The scheme promises investors a stake in the underlying residential assets, implying a “safe as houses” investment.
The sheer number of these schemes means it is likely scammers are at work. The Financial Conduct Authority has produced guidelines for investors. But it now feels inevitable the FCA will have a scandal on its hands. Why? Because its advice will be ignored: “We regard investment-based crowd-funding to be a high-risk activity… It is VERY likely that you will lose ALL your money.”
