Johnson broke rules with hedge fund links

Boris Johnson breached UK Government rules by being “evasive” about his links with a hedge fund, a parliamentary watchdog has found.

Lord Eric Pickles, chairman of the Advisory Committee on Business Appointments (Acoba), has written to Mr Johnson and the Deputy Prime Minister, Oliver Dowden, warning of the breach. Government rules state former ministers must not take up new jobs or appointments for two years after leaving public office without advice from Acoba first. The former prime minister was found to have failed to clarify his relationship with the Merlyn Advisors hedge fund which organised his visit to meet Venezuela’s President Nicolás Maduro. Mr Johnson (inset) reportedly met Mr Maduro alongside Merlyn Advisors’ co-founder, Maarten Petermann, in February.

The Venezuelan leader’s administration is not recognised by the UK Government because it does not accept the 2018 presidential election was held in accordance with international democratic standards.

“Mr Johnson has repeatedly been asked by Acoba to clarify his relationship with Merlyn Advisors,” Lord Pickles wrote to Mr Dowden. “He has not done so, nor has he denied the reports in the media that he has been working with Merlyn Advisors on a non-contractual basis.” The business appointments watchdog contacted Mr Johnson’s office asking him to outline his relationship with Merlyn Advisors. He replied he had no contractual relationship with the company, and in further correspondence said he had not been paid for any meetings in the South American country. He added: “I was extensively briefed by HMA (His Majesty’s ambassador) Caracas before the meeting and used the occasion to push for democracy, human rights and the support of Ukraine.”

Lord Pickles raised concerns that the trip was paid for by Merlyn Advisors.