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Ex-Transparency International UK*

“FAULTY TOWERS:
UNDERSTANDING THE IMPACT OF OVERSEAS
CORRUPTION ON THE LONDON PROPERTY MARKET”

References to The Heygate Estate — Southwark Council and LendLease — on pages 39 and 46.

Please see or download the attached PDF— TIUK_Faulty Towers_April_Web —below

Link

* fighting corruption worldwide

Tags: FAULTY TOWERS: UNDERSTANDING THE IMPACT OF OVERSEAS CORRUPTION ON THE LONDON PROPERTY MARKET, Transparency International, iffy

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I feel sure that LendLease will have given assurances to LBH that properties will be marketed first in Britain to those who intend to live in them. As indeed has FEC to local residents' groups in Crouch End in respect of the dwellings to be constructed in and around Hornsey Town Hall.

The TIUK argument that properties are kept empty so that they can be sold quickly if a money-launderer/corrupt government official/undeserving recipient of British Foreign Aid can realise their value quickly if they have to do a runner, is offset somewhat by the fact that property is essentially an illiquid asset. Unless there are so many of these questionable uber-rich that they are forming a queue to buy suitable multi-million pound mansions as their peer group becomes so harassed as to need the cash.

And it is only in the last week or so that I have become familiar with the idea of a 'secrecy haven' to sit alongside the tax haven. I feel sure that firms of British solicitors operating such havens are among the service industries of which we are so justly proud, and which add to our invisible earnings.

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