Conservative lawmakers have invoked national security concerns as they push the government to scrutinize the UAE’s support of the Barclay family’s push to reclaim the Telegraph.
The Barclay family has offered to pay over £1 billion ($1.25 billion) of debt to Lloyds Banking Group Plc to reclaim control of the Telegraph titles. That effort is reportedly backed by media investment vehicle RedBird IMI, a joint venture between RedBird Capital Partners and the United Arab Emirates-based International Media Investments.
In a letter to UK Deputy Prime Minister Oliver Dowden, Culture Secretary Lucy Frazer and Business Secretary Kemi Badenoch, six Tory lawmakers called for the government to intervene under the National Security and Investment Act to probe the structure of that investment vehicle and its relationship with the royal family of the United Arab Emirates. The letter — seen by Bloomberg — also said ministers should issue a Public Interest Intervention Notice to further scrutinize the proposed deal.
“This offer could lead to a ruling royal family taking the publications as security for their £1.15bn funding loan, an amount which, by any sensible measure, the revenue of the publications will not be able to support,” the lawmakers wrote. “Material influence over a quality national newspaper being passed to a foreign ruler at any time should raise concerns, but given the current geopolitical context, such a deal must be investigated.”
The letter was signed by MPs John Hayes, Neil O’Brien, Edward Leigh, Tom Hunt, Nick Fletcher and peer Margaret Eaton.
The lawmakers described any possible influence of the UAE royal family over the Telegraph as “a risk to our national security,” citing its record on press freedom and position on Israel. “While the UAE is an ally of the UK, it is still important to scrutinize the degree of influence a member of a foreign government may have over such important publications which shape views of all stakeholders in the UK.”
The prospect of foreign influence on the title has already raised concerns among senior ministers including Badenoch and Security Minister Tom Tugendhat, Bloomberg reported Saturday.
Read More: Senior Ministers Flag Concern Over Foreign Interest in Telegraph
--With assistance from Thomas Seal.