Senior Tory linked to Trafigura

By staff

A senior Conservative said he is “concerned” by reports about a British trading firm he has links with, after it settled a case involving the dumping of toxic waste in the Ivory Coast.

Lord Strathclyde, Conservative leader in the House of Lords, is director of Trafigura’s hedge funds.

The company came under fire yesterday after it settled the case against it by British law firm Leigh Day and Co following a critical UN report into its activities.

The Tory peer – non-executive director of Galena Asset Management, a fund which manages Trafigura’s investments from commodity trading – insisted that he never dealt directly with the company, and that he has never received a fee from them for his services.

In line with David Cameron’s policy for front benchers to quit any second jobs, Lord Strathclyde stressed he would quitting any non-political work early next year.

In a statement, the peer said: “I’ve read today’s stories about Trafigura with concern and I am making enquiries about the situation.

“I have never been employed by Trafigura, nor have I ever received any fee for any service provided to them. I do not sit on their board nor do I advise them on any aspect of their business.”