British new Prime Minister May’s husband helps tax dodging

Posted on July 12, 2016 by petrel41

This 30 June 2016 video from Britain is called Andrea Leadsom backs tax dodging hedge funds, not Britain.

Ms Leadsom was one of the two final candidates for the leadership of the British Conservative party. She gave up, leaving Theresa May as the only candidate; meaning Conservative party members did not get the chance to vote on their leadership.

Andrea Leadsom was anti-European Union, Ms May pro-European union in the Brexit referendum campaign.

However, they have at least one thing in common: links to tax dodging.

From daily The Independent in Britain today:

Theresa May’s husband is a senior executive at a $1.4tn investment fund that profits from tax avoiding companies

Exclusive: May mentioned Amazon and Starbucks in speech about tax avoidance

Ted Jeory, Jon Stone

The relatively unknown investment fund where Theresa May’s husband Philip works as a senior executive is one of the world’s largest and most powerful financial institutions, controlling $1.4 trillion (£1.5 trillion) in assets.

Its portfolio also includes $20 billion of shares in Amazon and Starbucks, both of which were cited by the Prime Minister-designate in her pledge to crack down on tax avoidance yesterday.

Latest filings to US authorities show that Los Angeles based Capital Group owns huge stakes in a variety of companies, including investment bank JP Morgan Chase, defence giant Lockheed Martin, tobacco company Philip Morris International, the pharmaceutical sector’s Merck & Co, and also Ryanair.

The company, which has a low profile outside the financial sector, has confirmed that Mr May, a pension fund expert, works out of its Mayfair office in London …

However, the company he works for has benefited from its investments in the likes of Amazon and Starbucks, both of which have been criticised for tax avoidance structures and which were mentioned by Ms May as she outlined her manifesto for Downing Street yesterday. …

It is not clear whether she was aware that her husband’s company was such a significant investor in … Amazon and Starbucks.

According to latest filings on 31 March this year, Capital Group, through its various divisions and funds, including Capital World Investors and Capital Research Global Investors, owned at least 32 million shares in Amazon, worth about $20bn.

Its 6 per cent stake made it one of Amazon’s biggest shareholders.

It also owned about $2bn of Starbuck shares at the end of March when the total assets under its management was $1.4 trillion.

Other shareholdings included at least $7bn in JP Morgan Chase, $9bn in Philip Morris International, $5bn in McDonald’s, $6.6bn in Lockheed Martin, and $1.5bn in Ryanair. …

It is not clear which clients Mr May deals with on behalf of Capital Group, but his name has been mentioned in the minutes for Norfolk County Council’s pension committee reports, where he has appeared on behalf of his company as a pension manager.

When you cross-reference Theresa May’s speech with her voting record, it’s as if she didn’t mean anything she said. May wants to stand up for the ‘ordinary worker’ and pull big business bonuses into line. I guess she forgot about the time she voted against creating jobs for young people using money from bankers’ bonuses: here.

One should hope that Jeremy Corbyn will soon be re-elected as Labour Party leader, against Angela Eagle and possibly other ‘tin-pot Pinochet‘ Blairite coupmongers. And that then, now that Panama scandal-tainted David Cameron is gone as Prime Minister, Corbyn, rather soon than later, will beat the next Conservative ‘Panamist‘ Prime Minister, Theresa May, in a general election.

As a British Muslim, I’m terrified that Theresa May – winner of 2015’s Islamophobe of the Year – is my new Prime Minister: here.

New UK Prime Minister Theresa May to head austerity government: here.