Leaked documents revealed allegations that former U.K. Prime Minister Boris Johnson secretly lobbied to attract private investment worth billions of dollars to the United Arab Emirates (UAE). Political and ethical controversy is growing over the fact that the former prime minister sought private gain by leveraging connections with senior foreign figures he contacted while in office.
The Guardian reported on the 9th (local time) that it had published the leaked "Boris files," saying Johnson sought business sponsorship from senior figures at the UAE sovereign wealth funds Mubadala. Johnson took part in the project as a senior adviser to the climate finance venture Via Advisory and was reportedly offered 24% equity in the business. His closest aide, Shelley Williams-Walker, was also to be allocated 20% equity.
Via Advisory asked Abu Dhabi to entrust it with managing funds totaling €1 billion (about 1.5 trillion won) and reportedly requested €10 million (about 15 billion won) to cover initial expense. With little investor capital while promising an annual 2.5% return, the structure effectively aimed to lock in massive profits.
According to the documents, Johnson invited Khaldoon Al Mubarak, chair of the UAE sovereign wealth funds Mubadala and well-known owner of Manchester City, to the residence on Downing Street in London several times, and he maintained the relationship even after stepping down as prime minister. Last year he traveled to Abu Dhabi to deliver an environmental speech and later held business discussions with Mubarak at Mubadala Tower.
U.K. ethics rules prohibit former Ministers from using networks with foreign government officials they came to know in public office to win business. However, Johnson is suspected of engaging in related activities without going through the rule-approval process. The Advisory Committee on Business Appointments (Acoba), which oversees conflicts of interest for former Ministers, did not approve Johnson's advisory role, and in the process Johnson's side was also found to have expressed dissatisfaction over delays.
The documents also included a draft letter Johnson was to send to Mubarak. Emphasizing the achievements of the United Nations Framework Convention on Climate Change Conference of the Parties (COP26) climate summit, he wrote, "I hope the Via Advisory project can be an attractive investment opportunity for Mubadala." But it appears the letter was not actually sent due to the approval delay.
After the report, Britain's political circles raised the need for a thorough investigation into Johnson's use of public funds and foreign lobbying activities. The Labor Party and the Liberal Democrats urged a government-level probe, saying, "If a former prime minister used his influence for private gain, that is a serious ethical breach."
Johnson denied the report as "an absurd claim." He argued, "The Public Duties Cost Allowance (PDCA) was used in accordance with the rules, and the media's allegations are distortions." However, he did not answer specific questions related to Via Advisory.
The UAE sovereign wealth funds Mubadala manages about $300 billion and has made large-scale investments around the world. During his tenure as prime minister, Johnson contacted Mubadala several times and stressed attracting investment into the U.K. If the latest allegations are confirmed, he is unlikely to avoid criticism that he sought personal gain by using such networks after leaving office.
However, the Guardian reported, "It has not been confirmed whether Johnson actually profited from this venture." Even so, the backlash is intensifying over whether the former prime minister violated ethical rules and the transparency of the process of attracting foreign funds.