The UK's election watchdog says it was ‘right’ to refer Brexit-backer Arron Banks for investigation by police, despite the investigation finding no evidence of wrongdoing.
The Electoral Commission called in the National Crime Agency to investigate claims of possible election offences by the insurance tycoon and Nigel Farage-ally during the 2016 Brexit referendum.
But the NCA announced in September that it had found no evidence of lawbreaking by him or Elizabeth Bilney, the named responsible person for Banks’ organisations.
The claims surrounded the source of money Mr Banks used to fund loans paid to Leave.EU and other pro-Brexit organisations.
Among the claims was that Mr Banks had borrowed money from his own company, Rock Holdings Ltd, which is based in the Isle of Man, to fund the loans.
The NCA found that this was the case, but that it was not against the law to do so.
No evidence was found to support other claims that Mr Banks was not the true source of the cash.
The September statement read: “The NCA has not received any evidence to suggest that Mr 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.”
And today the Commission, Mr Banks and Ms Bilney said they had reached “amicable terms of settlement” over the matter.
And while Mr Banks insists the Commission should have known the law was wrong before referring him to the NCA, the Commission insists it was the right thing to do.
The statement reads: “In carrying out its complex investigation the NCA had analysed information, including banking information, which had not formed part of the Commission’s investigation.
“Mr Banks and Ms Bilney consider that if the Electoral Commission had applied the law on the loans, the matter would never have been referred to the NCA.
“The Electoral Commission considers it was right to refer this matter to the NCA for further investigation, but confirms that it accepts (a) the NCA’s conclusions that it found no evidence that any criminal offences have been committed under [the Political Parties, Elections and Referendums Act 2000] or company law by Mr Banks or Ms Bilney; and (b) the NCA had not received any evidence to suggest that Mr Banks or 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.
“The parties are pleased to have reached accommodation and to be able to put this matter behind them.”
