Sir Alex has £340k stake in offshore company
SIR Alex Ferguson owns part of a multi-millionpound property company based offshore.
The former Manchester United boss, 75, is listed as a shareholder in Isle of Man-registered Springfield Property Fund Plc, with shares worth £340,000
On Friday, Sir Alex’s brother Martin said the football legend didn’t believe in offshore companies and had no knowledge he was involved in them.
He did not repond when it was put to him that his brother was listed as a shareholder in a company registered in the Isle of Man.
Springfield Property Fund Plc’s offshore subsidiary, Heather Ltd, own Scottish Labour’s Bath Street Glasgow HQ, which they rent out to the party.
Labour paid £800,000 for the offices in 2011.
Last week, Scottish Labour’s Richard Leonard demanded an inquiry into tax avoidance in the wake of the publication of the Paradise Papers.
Springfield Property Fund Plc are not believed to be named in the Paradise Papers and there is no suggestion that they do anything illegal.
Businessman Sandy Adam and his family’s shares in the company amount to nearly £2.7million. In 2015, it emerged that Adam had given the Yes campaign £100,000 over three years.
At the same time, his company received a £1million loan from the Scottish Government.
Other shareholders in Springfield Property Fund Plc include landowners based in the north east.
Christina Smith, who owns 1000 shares, said yesterday: “I’m aware this firm are based in the Isle of Man and I have shares.
“I got them a long time ago. I don’t consider the Isle of Man to be offshore.”
As well as Heather Ltd, Springfield Property Fund Plc’s subsidiary companies based in the Isle of Man include Carnoustie Limited, Portobello Apartments Limited and Flower of Scotland Limited.
Latest accounts show they made £715,000 renting out properties in the UK in the last year and paid tax on that income at the UK rate, totalling £97,000.