Wednesday, March 22, 2023

Britain Ex UK PM Boris Johnson’s Brother Lord Jo Johnson Resigned As Director…

Boris Johnson’s Brother Resigned: The younger brother of former UK PM Boris Johnson has resigned from the post of director of a company related to Adani Enterprises. Lord Jo Johnson has stepped down as non-executive director of the firm related to the canceled FPO of Adani Enterprises.

He was appointed director of Elara Capital Plc in June last year. He resigned from his post on Wednesday (February 1) after about eight months. Elara is a capital market business company engaged in raising funds for Indian corporate groups.

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Boris Johnson’s brother left Adani’s company

The Financial Times newspaper, citing UK Companies House records, revealed that 51-year-old Lord Johnson was appointed as a director of London-based Elara Capital Plc in June last year and resigned on Wednesday. On the same day Adani Group decided to withdraw the FPO. Elara is a capital market business company. It raises money for Indian corporates.

What did Boris Johnson’s brother say?

Johnson insisted that he quit because of his lack of domain expertise. Lord Johnson said, “I joined the board of Elara Capital, a London-based investment firm that I have long supported, as a non-executive director last June in the hope of contributing to UK-India trade and investment relations .I have received consistent assurance from Elara Capital that it is in line with its legal obligations and is in good standing with regulatory bodies.

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What is the reason for resigning from the company?

Lord Jo Johnson further said, “I now believe that this is a role that requires greater expertise in particular areas of financial regulation. I have resigned from the company board after speculating about it.” According to the paper, it is Elara’s asset management business which is in the news after Mauritius-based funds linked to US short-seller Hindenburg Research. It is run on behalf of the London firm along with Adani Group companies. The Adani Group has categorically denied Hindenburg’s allegations and termed them as baseless.

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