Cameron set for job with £500m fund he lobbied for in China
DAVID Cameron lobbied Beijing over a £ 500million investment fund he is now lining up a job with.
In September, the former PM met a Chinese vice-premier, Ma Kai – who heads Beijing’s finance ministry – to discuss the UK-China fund.
It is being set up by senior Tory figures including his friend Lord Chadlington, a Tory peer.
The PR guru was chairman of Mr Cameron’s constituency association in Witney when he was an MP and donated to his leadership campaign. Yesterday Mr Cameron’s office confirmed he has applied to Whitehall’s Advisory Committee on Business Appointments (Acoba) – which oversees jobs taken by former ministers – about taking a role with the fund.
Critics say it is a toothless watchdog that does nothing to prevent the revolving door between government and the private sector.
His allies told The Times that Mr Cameron did not need to consult Acoba before the trip because neither the fund nor any job with it existed at the time.
On September 27, Mr Cameron tweeted about the meeting. ‘Positive meeting with vice-premier Ma Kai where we discussed economic partnership and potential for a future UK-China fund for business,’ he wrote. On Thursday a spokesman for the former PM said no ‘final decisions’ had been taken about any role he might play in a fund.
‘This is something currently under consideration and, of course, the correct processes would be followed before any role was agreed or announced,’ said the spokesman. Mr Cameron was said to have travelled to China to ‘gauge the idea’s potential’ and three weeks ago had submitted an application to Acoba. Now that there is a real prospect of the fund being established and of him potentially taking a role with the Fund, he has submitted an application to the committee,’ said the spokesman. ‘This happened three weeks ago. He will, of course, abide by any guidance or ruling they give.’
The former PM was reportedly accompanied on the China trip by Lord Chadlington, who gave £10,000 to his successful Tory lead- ership campaign in 2005. The peer told The Times that he had been working on the proposed fund for three years but it was still ‘very, very much in its early stages’.
‘It’s been going on a long time while we look at ways in which he can develop the fund,’ he said.‘In the light of Brexit we want to ensure we help as many Chinese companies in the UK and asmany British companies in China as we can.’
Mr Cameron hailed a new ‘golden age’ for relations with China when he was in office, and memorably took President Xi Jinping to a pub during a state visit in 2015. Mr Cameron stood down as MP for Witney in the wake of the EU referendum last year.
Since then he has become president of the Alzheimer’s Research Society, and taken on a role with the National Citizen Service project he championed in government. He has also filled his time making lucrative speeches, and is writing his memoirs, for which is reportedly being paid £800,000.
Mr Cameron recently took an advisory job with US electronic payment company First Data Corporation, where he works two or three days a month. But friends insist he is determined not to ‘do a Tony Blair’ and advise foreign governments.
He has warned about ‘ crony capitalism’ and in the past referred to lobbying as ‘the next big scandal waiting to happen’.
‘He will abide by any guidance’