Pictured: Brexit secretary David Davis, who backed banker Ian Hannam after he was fined by the Financial Services Authority
Brexit secretary David Davis supported a star banker’s appeal against a £450,000 fine while working for one of his companies, it has been claimed.
Davis had taken a position on the supervisory board of German manufacturing firm Mansfelder Kupfer und Messing (MKM) – owned by City hotshot Ian Hannam – in June 2013.
And just a month later, Davis was pushing back against the ‘outstanding pattern of behaviour’ shown by the Financial Services Authority in its decision to punish Hannam for insider dealing.
Former JP Morgan high-flyer Hannam – who was a member of the 21 SAS Reserve Regiment with Davis – had also given £2,000 to the former shadow home secretary’s Conservative leadership bid in 2005, according to The Observer.
Pictured: Ian Hannam, who was fined £450,000 for insider dealing
At the time that Hannam was given his massive fine in 2012, which was one of the largest ever handed to an individual, Davis branded the action ‘unBritish’.
There was no business connection between Davis and Hannam at that point, but a year later – when he spoke in the banker’s defence during his appeal – he was listed as earning about £34,000 a year for six days work at copper products firm MKM.
Hannam had bought MKM through a company called Copper 1909 shortly beforehand.
Pictured: Ian Hannam on a visit to Afghanistan in January 2011
Davis was given a series of £7,000 payments from Copper 1909 until he resigned from the role to become Secretary of State for Exiting the European Union.
It is estimated he could have earned £100,000 from the arrangement with Copper 1909 and MKM.
Despite Davis’s support, Hannam’s fine – which was based on emails he had written discussing the discovery of oil before it had been announced publicly – was upheld in 2014.
The Brexit secretary declined to comment on the report.