Questions have arisen over sales of the British diggers in Russia after sanctions over the war in Ukraine descended
. Putin’s war threatens a big source of business for Bamford, who with his family has donated £8.7m to the Tories since 2002.
As outrage at the war grew, Bamford did his bit in solidarity with Ukraine. In May he gave a job to a teacher who had fled Ukraine and donated company properties to house 70 refugee families. It was “the very least” the firm could do, he said. “I think British people are very moved by it and certainly I and my family as well feel [this]. I mean, it is so utterly shocking.
“It seems absurd that a leading UK exporter, successfully selling machinery to construction companies and farmers in Russia, could be affected so dramatically by EU sanctions coming out of Brussels.” McLaren P1, a LaFerrari by Ferrari and a Porsche 918, known as the “holy trinity” of supercars. His wife rides and owns dressage horses.
The UK Treasury’s Office of Financial Sanctions Implementation , which polices sanctions, did not say whether any licences applied, saying it did not comment on individual cases.
By 2012, JVM Equipment was earning profits of £47.2m on turnover of £461.m, but in December 2013 JVM moved all of its subsidiaries to a new holding company, JVM Ltd, based in the tax haven of Jersey, leaving JVM Equipment as a shell. That shell paid out a combined £32.5m of dividends for 2013 and 2014, entitling Skillman to £16.6m. The group’s ownership was transferred back to a UK company, JVM Group Holdings Limited, on 23 February 2022, the eve of the invasion.
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