Mr. Lar Bradshaw:

Please assume that I was fully aware that he was an investor in that syndicate, as was I. I just cannot say with certainty that I knew at that time. I clearly know now and could have read it in the newspapers or maybe I did know. Let us all assume that I knew.

I was a passive investor in that investment. This was a property syndicate, I was one of the investors and it turns out he was one as well. It was a passive investment. Once a year, CBRE would send us an update on what was happening. I never met Mr. Coulson, never discussed it with him and had absolutely no role in it. I assume he had no role in it.

When we come to the IGB purchase, with all due respect, if anyone would like to suggest that I had a conflict of interest because of that passive investment, my view - members are all welcome to their views - is that I most certainly did not have a conflict of interest. I had nothing to gain by any actions I took around the purchase of the IGB site. I hope it is pretty clear from the two conversations I have described to the committee exactly what my position was.