Jitesh Gadhia, Baron Gadhia

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Jitesh Kishorekumar Gadhia, Baron Gadhia is a British investment banker, Conservative Party donor and member of the House of Lords. A member of the Leader's Group of high-value donors, he was described by The Herald as a member of David Cameron's "inner circle".[1]

Official portrait, 2019

Education and career edit

Gadhia was a pupil at Harrow High School formerly Gayton High Comprehensive School (Harrow) from 1982-1986. Gadhia studied economics at the University of Cambridge and the London Business School, where he was a Sloan Fellow.[2]

Gadhia is a senior managing director at The Blackstone Group, a US private equity firm.[3][2] Prior to this, he worked for Barclays, ABN AMRO, and Barings Bank, which collapsed while he worked there.[2][4][5] He also sits on the board of UK Financial Investments.[4] Gadhia was a trustee of Nesta,[6] and has written for The Daily Telegraph.[2][5]

In September 2017, Gadhia was appointed a non-executive director of fracking company Third Energy,[7] though questions were raised about a potential conflict of interest when the company was late publishing its annual results, amid concerns about its financial resilience and ability to fund clean-up costs.[8] Gadhia resigned as a director in September 2018.[9]

Political support edit

He has donated at least £225,000 to the Conservative Party, and another £18,000 to the Conservative Friends of India.[3][1] He has also donated at least £25,000 to the Liberal Democrats in Scotland.[3][1]

He was involved in the cash for access scandal in 2014, along with James Stunt (billionaire art dealer, gambling and shipping tycoon) and Alexander Temerko (Russian energy tycoon), and approximately 40 others.[10][3]

In August 2016 it was announced that he was to be made a life peer in as part of Cameron's Resignation Honours list.[11] In the afternoon of 31 August he was created Baron Gadhia, of Northwood in the County of Middlesex.[12]

In October 2022, he was appointed to the Court of Directors of the Bank of England.[13]

References edit

  1. ^ a b c Gordon, Tom (8 February 2015). "Scottish LibDems took £25k from elite Tory donor". Herald Scotland. Retrieved 7 August 2016.
  2. ^ a b c d "Jitesh Gadhia joins Blackstone Group as senior MD". Business Standard. Mumbai. 1 September 2010. Retrieved 7 August 2016.
  3. ^ a b c d Malnick, Edward; Newell, Claire; Fayaz, Syed; Heighton, Luke; Telford, Lyndsey (11 March 2015). "Danny Alexander and the private dinner with Telegraph's 'dodgy' donor". Telegraph.co.uk. Retrieved 7 August 2016.
  4. ^ a b Quinn, James (9 July 2016). "Comparethemarket owner to float with £2bn valuation". Telegraph.co.uk. Retrieved 7 August 2016.
  5. ^ a b Gadhia, Jitesh (25 February 2015). "Barings' collapse was the start of the City's cultural decline". Telegraph.co.uk. Retrieved 7 August 2016.
  6. ^ "Nesta Annual Report and Accounts for the year ended 31 March 2014" (PDF). Archived from the original (PDF) on 11 September 2016. Retrieved 31 August 2016.
  7. ^ Duke, Simon (3 September 2017). "City veterans Keith Cochrane and Lord Gadhia go fracking in Yorkshire". Times. Retrieved 20 February 2018.
  8. ^ Vaughan, Adam (19 February 2018). "Fracking row: Treasury 'showing shambolic conflict of interest'". Guardian. Retrieved 20 February 2018.
  9. ^ Hayhurst, Ruth (18 September 2018). ""City heavyweights" resign from fracking firm, Third Energy". Drill or Drop. Retrieved 19 September 2018.
  10. ^ Blanchard, Jack (12 November 2014). "Tories in 'cash for access' backlash as donors pay £50K for 'Dinner with Dave'". Retrieved 7 August 2016.
  11. ^ "Resignation Honours 2016 - Publications - GOV.UK". www.gov.uk. Retrieved 5 August 2016.
  12. ^ "No. 61698". The London Gazette. 7 September 2016. p. 19040.
  13. ^ "Latest civil service & public affairs moves – October 24". Civil Service World. Retrieved 25 October 2022.
Orders of precedence in the United Kingdom
Preceded by Gentlemen
Baron Gadhia
Followed by
The Lord McInnes of Kilwinning