Pressure is growing on Nadhim Zahawi to reveal the source of almost £30m of loans to the property investment company he founded with his wife Lana Saib
in June 2010 and over the past five years there has been a sharp increase in what the group terms “other creditors”, which account for £29.8m of the company’s £52m of borrowings.
The company’s latest available accounts for the year to the end of June 2021 identify two of the “other creditors” as two other property firms controlled by Ms Saib. These identified loans account for almost £1.5m, leaving more than £28.3m where the source of the lending remains secret.Dan Neidle, the lawyer who uncovered the tax issues facing Mr Zahawi, told: “£30m of unsecured real estate loans don’t come from a normal lender such as a bank. Banks don’t lend like that.“It seems quite wrong that an MPs family can owe £30m to someone, on uncommercial terms, and we have no way of finding out who that is.
It has been claimed that Balshore subsequently sold its shares for a return of about £27m by 2018. If Mr Zahawi was the beneficiary of that transaction, he would have owed tax on the payout.
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