There is an intriguing article on the Observer website.

The peerage for Lord Black is in the spotlight

there was huge lobbying for his peerage, particularly through Lord Carrington, the former Foreign Secretary and a board member of his Hollinger company, and Lady Thatcher

.

But bringing things up todate

the party is refusing to disclose the identity of 'secret' foreign financial backers to Deputy Assistant Commissioner John Yates, who is heading the inquiry into party political funding.

Police investigating the cash-for-peerages allegations are also looking into claims the Tories broke electoral law in receiving donations from overseas. It is illegal for a party to receive a donation from a foreigner not eligible to vote in the UK, although there is nothing to stop them lending money if the loan is made on a proper commercial basis.

The Tories have admitted receiving loans from overseas sources but claimed they were made on fully commercial terms. Last month, the party leader, David Cameron, published a list of its backers, but refused to name a handful of benefactors who lent millions, raising suspicion there was something to hide. Cameron said the loans had been granted on condition of confidentiality.

A senior party source confirmed there have been 'jurisdiction' issues to resolve with police regarding the loan contracts. He said that if the police wanted to know who lent the money they would have to go to court to get an order forcing the party to reveal their identities.