Michael Anthony Ashcroft, Baron Ashcroft KCMG (born March 4, 1946) is a British businessman and politician who has been a member of the House of Lords since 2000.

Biography

Michael Ashcroft was educated at Anglia Polytechnic University and became a management trainee at Rothmans .

From 1977 he developed an international business services company, ADT Limited, which was sold to US conglomerate Tyco for £2.5 billion in 1997. He is now chairman of Carlisle Holdings Limited (Nasdaq) which has interests in facilities services, finance and telecommunications. It is the parent company of The Belize Bank .

Michael Ashcroft has other business connections with Belize, and was appointed as the Belize government's Permanent Representative to the United Nations up to April 2000. He has made large donations to the People's United Party of Belize.

UK politics

In the UK, he was a major donor to and Treasurer of the Conservative Party from 1998 to 2001 under William Hague. His tenure was marked by a number of controversies: he was seen to pay little UK income tax due to his domicile in Belize; he gained overseas donations for the Party which some thought inappropriate; and he was at the centre of a debate about openness and accountability of political funding.

Unsubstantiated speculation about his business affairs was concluded when he pursued a libel action against The Times. This was settled on 9 December 1999 when The Times issued a statement that "[...] Litigation between the parties has been settled to mutual satisfaction, with each side bearing its own costs".

In 2004 he clashed with Conservative leader Michael Howard when he offered a £2m donation on the condition that it should go to his specified candidates, rather than into general Conservative Central Office funds.

Honours

In March 2000 he was appointed as a life peer in the House of Lords and in June 2000 he was awarded a KCMG for public service to the community and country of Belize.

He has been Chancellor of Anglia Polytechnic University since November 2001, and has donated £5 million for the university's business school at Chelmsford, now called Ashcroft International Business School .

In 2004 the Sunday Times Rich List estimated his personal wealth at £754m.

He is also known for his collection of Victoria Cross medals.

External links

• The Times libel statement