Hargreaves Lansdown founder named in Panama Papers

Tax-Corporate-Calculator-Business-Finance-700x450.jpg

One of the founders of Hargreaves Lansdown has been named in a leaked database of major offshore investors.

Steven Lansdown, who helped to found the business with Peter Hargreaves, departed the business in 2012, and also owns co-owns Bristol Sport, a group which includes Bristol City Football Club.

In documents published by the International Consortium of Investigative Journalists, Lansdown is listed as one of two shareholders in Sustainable Technology Investments Ltd, a business operating in the British Virgin Islands.

The Guernsey-based Lansdown is one of two shareholders, but listed as the only beneficiary of the company.

Sustainable Technology Investments is an international fund management business, which supports businesses in renewable energy and sustainable technology.

In a statement issued to the Bristol Post, the Directors of the firm said: “Stephen Lansdown and Gordon Power formed Sustainable Technology Investments (Guernsey) Limited (“STIG”) in 2009 as a vehicle through which to make their private equity investments.

“The use of a British Virgin Islands company for this administrative purpose is not unusual and the financial statements of the company are made available to the authorities.”

The original Panama Papers leaks in early April revealed the extent of the use of offshore businesses and accounts by senior political figures, although experts later questioned whether the furore surrounding the revelations would ultimately be harmful to tax planning.