Francis Maude: Denies shady dealings
The announcement from Conservative Party Chairman Francis Maude held little hint of the fincancial background. On 27 September he announced a series of property moves, including this

The Party continues to own 32 Smith Square, having recently purchased the freehold of Smith Square and the adjoining 67 Tufton Street, and is continuing to review options on its future use.

But this transaction had already made the papers back in August when the Observer reported that

in recent weeks the party has been negotiating to sell the freehold to their historic headquarters in Smith Square, together with adjoining offices in Tufton Street, for an estimated £30m. Yet they acquired the freeholds on both properties in March this year for £15.56m, after obtaining a loan from the Allied Irish Bank.
Tory officials have declined to reveal the identities of either the businessmen who sold Smith Square to them in March or any company in the process of purchasing it.

Now it is back in the news. In a wide-ranging on Tory fundraising, the Independent on Sunday names Christopher Moran as one of those involved in the transaction:

Christopher Moran

A key Tory supporter. He throws his London home, Crosby Hall, open for Conservative Party events and was recently made a director of the Tories' property company, C&UCO Properties Ltd. He was expelled from Lloyds in 1982 for 'discreditable conduct'.

According to the Independent on Sunday, C&UCO Properties Ltd holds the leasehold to 32 Smith Square on behalf of the Conservative Party. (There is more on Moran on the Sunday Times Rich List.)

The Sunday Times is investigating similar issues. It names Lord Salisbury (a tory peer on leave of absence form the House of Lords as a protest against having to declare financial interests) as one of those involved in "a trust that helps to bankroll the Conservative party from properties that it owns".

The article claims that the "party accepts money from a number of unknown or obscure organisations, trusts and companies — devices, it is claimed, that are used to avoid public scrutiny of donors."

Now the Sunday Telegraph is getting interested and says that the Tories "claim not to know who sold them two Westminster properties in a multi-million pound property transaction being investigated by the Electoral Commission".
Smith Square: At the centre of speculation
The Telegraph says that C&UCO Properties have acquired the freehold to buildings in Smith Square and Tufton Streetby taking control of an offshore company "Platinum Overseas Holdings, a mysterious offshore company based in the British Virgin Islands".

All this has led to Francis Maude having to make some further statements

Francis Maude, the Conservatives Party's chairman, said the party did not know who the owners of Platinum were. He said the sale of Platinum was conducted by Citigroup, the investment bank. However, Citigroup sources told The Sunday Telegraph that they were "unable to find anyone who is aware of this transaction" at the bank.

"It was a very commercial transaction," Mr Maude said, adding: "It is not a hidden donation."

The Electoral Commission might take some convincing of this. In the meantime it seems clear that the use of overseas companies has enabled the Conservatives to avoid a stamp duty bill of more than a quarter of a million pounds.