Nadhim Zahawi is facing questions over £30m of unsecured loans that were made to his wife’s UK property company.
The Conservative Party chair, who is battling to save his political career over revelations that a £5m tax settlement included a 30% penalty, is now being asked to explain the source of the loans.
Accounts show the cash was provided as unsecured loans to Zahawi & Zahawi, which holds a £100m property portfolio ranging from Birmingham to Brighton. The loans are not secured against any assets.
The company was formed in 2010 when it was owned jointly by the MP and his wife, Lana Saib, before he transferred his 50% shareholding to her when he became a junior minister in January 2018.
Zahawi & Zahawi currently owns 17 property titles, according to Land Registry records. These include three buildings bought for around £19m in central Wimbledon during 2016; the Guildhall Buildings in Birmingham, bought for £12m in 2019; and a £6.3m retail unit in Cambridgeshire bought in 2021.
Saib also owns two further property companies, set up in 2018.
