Bingham Could Profit From A Taxpayer-backed Stake

Many have questioned, Kate Bingham, whether she will profit from a taxpayer-backed stake in her private equity firm.

Exclusive: Vaccine taskforce chief may benefit from £49m UK investment
Kate Bingham/Picture credit: The Guardian

Many have questioned, Kate Bingham, whether she will profit from a taxpayer-backed stake in her private equity firm.

The venture capitalist who “stepped away” from her role at private equity firm SV Health Investors in May to take an unpaid post as chair of the vaccine task force, has been facing allegations that she unveiled sensitive information to a private investor`s conference and insisted on hiring costly PR advisers.

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Bingham said it had always been her intention to leave the post at the end of the year.

According to the accounts filed with Companies House, the chair of the government’s vaccine task force could benefit from a $65m (£49m) UK taxpayer-backed investment.

The accounts revealed that V Health Investors earned at least £1.9m in management fees connected to its operation of the Impact Medicine Fund last year before the government invested at the beginning of the year.

Leaked documents have shown that Bingham, who reports directly to the prime minister, has spent more than half a million pounds f taxpayers’ money on hiring PR consultants from a firm called Admiral Associates, instead of relying on civil service press officers.

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Rachel Reeves,  the shadow Cabinet Office minister, said: “It is vital that the government immediately show how they have managed any real or perceived conflict of interest with this appointment. Especially when you consider how many nurses wages $65 million could have paid for.

“We need answers quick. Otherwise, this appears to be another in a string of government appointments and contracts handed to friends without due process.”

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