Nadhim Zahawi is facing claims that his family’s £58million property empire is funded by a £30million mystery loan.
Accounts for Zahawi & Zahawi Ltd, a company he and his wife set up, show that £23million in loans were approved by banks in 2021, while £32million in loans came from ‘other creditors’, The Mirror reported.
Experts described the set up as ‘exceptionally unusual’. Yesterday’s statement by Mr Zahawi was denied by a spokesperson.
It comes after he was forced at the weekend to deny wrongdoing in relation to an investigation by HMRC over his tax affairs, labelling it a ‘smear campaign’.
Mr Zahawi’s spokesman said: ‘All of Mr Zahawi’s business interests have been properly dealt with and declared.
‘He has no involvement with any decision-making process by Zahawi & Zahawi and there is no offshore trust involved with Zahawi & Zahawi.’
Following a stringent denial on Sunday by Tory leaders hopefuls that he had ever been involved with illegal tax activities, the comment was made.
Yesterday’s denial by a spokesman from Mr Zahawi was made at the Conservative Way Forward Relaunch.
Many reports indicated that the 55-year old was linked to two companies offshore in Gibraltar, a claim which he denied.
Pledging to publish his tax returns annually if he becomes Prime Minister, Mr Zahawi said: ‘I have only been resident of one country since arriving in the UK as an 11-year-old. I have never applied for tax status in any other country than the UK.
‘I’ve answered these supposed allegations because I think the right thing to do is to be transparent.
“I have rectified the record. These smears can now be clearly seen as they really are.
‘I do not apologise for being a successful businessman. I’m the British dream’s beneficiary and that is what I understand.
‘I have done well by investing in the UK and I think that’s something which should be celebrated. I want everybody to have the opportunity to be successful.’
He was just 11 years old when Mr Zahawi fled Saddam Hussein’s forces and moved to Britain.
After a successful business career, he entered politics in 2010.