“The NCA has found no evidence that any criminal offences have been committed under PPERA or company law by any of the individuals or organisations referred to it by the Electoral Commission.”
Those were the words of the National Crime Agency (NCA) – referring to the Political Parties, Elections, and Referendums Act 2000 (PPERA) – when it issued a public statement on its probe into insurance tycoon Arron Banks and Eldon Insurance Group chief executive Elizabeth Bilney as well as Leave.EU and the organisation that ran its referendum campaign, Better for the Country Ltd, in relation to suspected European Union referendum offences.
The Electoral Commission’s referral centred on the £8 million loans provided to Better for the Country Ltd and Leave.EU, and the involvement of Banks’ Rock Holdings Ltd which is incorporated in the Isle of Man.
Last November, Electoral Commission chief executive Bob Posner – who at the time was the commission’s political finance & regulation director and legal counsel – asserted: “We have reasonable grounds to suspect money given to Better for the Country came from impermissible sources and that Mr Banks and Ms Bilney, the responsible person for Leave.EU, knowingly concealed the true circumstances under which this money was provided.
“This is significant because at least £2.9 million of this money was used to fund referendum spending and donations during the regulated period of the EU referendum. Our investigation has unveiled evidence that suggests criminal offences have been committed which fall beyond the remit of the commission. This is why we have handed our evidence to the NCA to allow them to investigate and take any appropriate law enforcement action.”
Now the NCA has announced that it will not be taking further action against the four after finding no evidence of criminal wrongdoing. Due to the technical nature of PPERA offences and the company structures involved, the agency said it obtained advice from the Crown Prosecution Service and expert independent counsel to reach its decision.
It outlined: “The NCA investigation has concluded that Mr Banks took a loan from Rock Holdings Ltd, a company of which he is the ultimate beneficial owner. He was legally entitled to do so.
“Mr Banks was legally entitled, in his capacity as an individual, to release these funds to Better for the Country Ltd, by instructing another of his companies, Rock Services Ltd, to make the transactions on his behalf. Rock Holdings Ltd was not involved in these transactions in a manner which contravened PPERA.”
The agency added that it has not received any evidence to suggest that Banks and his companies received funding from any third party to fund the loans, or that he acted as an agent on behalf of a third party.
Commenting on the decision, Brexit Party leader Nigel Farage tweeted: “I am pleased that the NCA have cleared Arron Banks. The appalling establishment campaign against Mr Banks must now end. Heads must roll – beginning with the @ElectoralCommUK who, without evidence, suggested that criminal offences may have been committed. Disgusting.”
Meanwhile Banks called it sweet victory.
