Brexit Secretary David Davis supported City banker Ian Hannam in his appeal against a £450,000 fine for insider dealing, a month after accepting a paid position at one of Hannam’s companies, the Observer has revealed.
Davis, a former shadow home secretary, sat behind Hannam during the appeal hearing in July 2013. He had been appointed to the supervisory board of Mansfelder Kupfer und Messing (MKM), a German copper firm, in June 2013, a month after Hannam acquired the company via Copper 1909. Davis declared anticipated remuneration of £34,000 per year for six days’ work, and the Observer estimates he may have earned over £100,000 from the role before stepping down last year.
Hannam, a former JP Morgan dealmaker, was fined by the Financial Services Authority (FSA) in 2012 for market abuse after sending two emails revealing that client Heritage Oil had struck oil before public announcement. Davis criticised the FSA’s action as “unBritish” and “an incredible extension of what constitutes insider trading”. The fine was upheld by the upper tribunal in 2014.
Davis declined to comment on his earnings or potential conflicts of interest. Friends said he had declared all appointments and income in line with MPs’ rules. The Committee on Standards in Public Life declined to comment on individual cases but noted it was concerned about MPs holding second jobs.
