LORD Alli has been found to have committed four breaches of the rules in his register of financial interests.
The Labour peer has apologised for breaking the rules after an investigation by the Lords standards watchdog.
They relate to incorrect declarations on his entry on the register of members’ financial interests, including his involvement with an investment company registered in the British Virgin Islands, a tax haven.
The Lords Commissioner on Standards reported that Lord Alli was late in registering his unpaid role with the tax haven-based MAC (BVI) Limited.
Lord Alli told the standards watchdog that the firm is a subsidiary of 450 Holdings and he had disclosed his role in the other company, admitting the breach was “unintentional but nevertheless an oversight”.
Elsewhere, Lord Alli (below) was found to have failed to properly declare that he held a controlling interest in a company called Silvergate BP Bidco.
He had recorded it as a “non-financial interest”, saying that he had transferred “beneficial and economic ownership” to another entity.
As such, he said he did not exercise any “day-to-day” control over the business or gain financial benefit from it.
Lord Alli acknowledged that he remains listed as a “person with significant control” of the company on official listings because legally he still holds 51% of shares.
The commissioner said she accepted that Lord Alli no longer derived financial benefit from the company or had control over it but that his interest was nonetheless incorrectly declared and there had been two breaches of the code of conduct in this case.
Finally, the commissioner found Lord Alli had failed to properly declare his role with the Charlie Parsons Foundation, a charity.
READ MORE: Lord Alli under investigation for 'failing to declare' business dealings
The charity comprises both a trust and a company, an arrangement the probe described as “common”.
While Lord Alli had declared his role as a trustee of the charity, he had failed to say that he was also a director of the associated company, a breach of the rules.
In his apology letter the chair of the conduct committee, Lord Alli said: “I am writing to you today to offer my apology for my breach of conduct by not registering my interests correctly.
“I will endeavour to keep to the Code of Conduct at all times to avoid such circumstances again.”
Lord Alli found himself thrust into the spotlight following Labour’s election victory in July after he was discovered to have showered Keir Starmer (above) and members of his top team in gifts.
He had gifted glasses to the Labour leader, suits, dresses for his wife Victoria, as well as clothes for Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner.
Rayner also benefitted from getting access to Lord Alli’s apartment in Manhattan over Hogmanay when she visited with her former partner Sam Tarry.
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