Contacts in early 2021 occurred before Lord Hammond took up an official role with the company. Photo: JUSTIN TULLIS/AFP
Lord Hammond, the former chancellor, is facing calls for an investigation into his contacts with Treasury officials over a cryptocurrency company he advised.
On Thursday it emerged that Lord Hammond had contacted officials about the startup. Copper less than two years after he stepped down as chancellor.
Former ministers are generally banned from lobbying for two years after leaving government.
Contact early 2021 appeared before Lord Hammond took on an official role in the company and raised questions about his relationship with Copper at a time when he had to seek government advice before taking a job in the private sector.
The former chancellor categorically denied that these meetings could be considered lobbying.
Alistair Graham, former chairman of the Standards in Public Living Committee, said: “This is similar to the case of [Lord] Cameron and Greensill.”
“There needs to be a similar investigation into whether Hammond himself is correct here. It is unfortunate that former chancellors have come to be seen as such rule-breakers.”
Sue Hawley, chief executive of Spotlight on Corruption, said: “Whenever a minister or senior civil servant is being listened to by a private company behind closed doors, it is vital that it is exposed.”
The scandal the Greensill lobbying report in 2021 concerned contacts between Lord Cameron, the former prime minister who is now foreign secretary, and former colleagues.
Treasury documents obtained by the Financial Times say civil servants met with Copper's chief executive in mid-March 2021 following an «introduction through Philip Hammond/EST». EST refers to the Economic Secretary to the Treasury, who was John Glen at the time.
“Engagement may prove futile.”
One internal email said Mr Glen advised civil servants to use Lord Hammond as an intermediary for Dmitry Tokarev, CEO of Copper.
Mr. Glen recommended that «Officials contact Philip to arrange a call with Dmitry.»
The two unnamed officials «expressed an initial opinion that working with this firm may not be particularly beneficial,» according to the email
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According to documents released in response to a Freedom of Information Act request, the former chancellor spoke to Mr Glen in late March during a scheduled call, a week after Mr Tokarev met with Treasury officials .
Officials prepared Documents show Mr Glen was given a briefing note on blockchain-based trading and storage systems ahead of the conference and adapted it to include copper.
According to documents seen by the FT , Lord Hammond told the Chancellor of the Exchequer about «concerns from companies like Copper» about the pace of regulatory change for cryptocurrency companies.
He also relayed to Mr Glen Mr Tokarev's feedback on Copper's meeting with representatives Treasury.
“Philip contacted [Glen] this morning to say that Copper's CEO was incredibly impressed with the meeting,” another email between unnamed Treasury officials said. .
Lord Hammond left his post as Chancellor in July 2019 and officially joined Copper just over two years later in August 2021.
In May 2022 he was granted «shares growth» Copper, which do not give voting rights, and he became chairman of the company in January last year.
The meetings did not require an application
The former chancellor told the FT that he “categorically” did not consider his interactions with Mr Glen to be lobbying and “never asked John Glen to arrange a meeting for Copper”, which he said “would have been inappropriate.»
He said he had an «informal» telephone conversation with Mr Glen in March 2021 as part of «regular, although not particularly frequent» contact with a «close political friend «.
He said they «have a good relationship.» a deep shared interest in the state of the UK financial services sector, and particularly in the potential of financial technology to help the UK maintain its role as a globally significant financial centre.»
Lord Hammond added that «any contact [he] had with -or not on behalf of Copper.»
A Treasury spokesperson said all transparency processes were carried out correctly.
Treasury representatives «meet with many cryptocurrency firms every year to help understand the sector and to inform policy development to ensure it is proportionate and safe,» he added.
Mr Glen's spokesman said that «as a friend and former colleague» he would «meet regularly with Lord Hammond» in private.»
«These were not official meetings and did not require announcement. It was entirely appropriate for the finance minister to meet the distinguished former chancellor,” he added.
Koper did not respond to the FT’s request for comment.
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