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Mohamed Al Fayed and “cash for questions” probably did more to bring about the downfall of John Major’s government than any of the other political scandals of the 1990s.

It was Al Fayed’s bribery of Tory MPs Neil Hamilton and Tim Smith – in cash stuffed in brown envelopes – and hospitality at his luxury Ritz Hotel in Paris for cabinet minister Jonathan Aitken that led to the word “sleaze” being associated with the Major government.

It was almost certainly more damaging than the several sex scandals that engulfed Major’s government in the ’90s, because it involved financial impropriety and corruption and projected an image of dishonesty and Tory MPs on the take.

Hamilton was the Thatcherite MP for Tatton in the Cheshire stockbroker belt – a seat later represented by Tory chancellor George Osborne – and was made a junior minister at the Department of Trade and Industry, responsible for the City and corporate affairs, by Major after his surprise general election victory in 1992.

Trade Minister Neil Hamilton MP prepares to leave for a ministerial meeting in Sussex.
Image:
Neil Hamilton in 1994, while he was trade minister

But two years later, in 1994, it was revealed that he had taken cash for asking parliamentary questions on behalf of Al Fayed, along with Smith, who had been MP for Beaconsfield since defeating Tony Blair in a by-election in 1982.

Both MPs had failed to declare the donations from the Harrods tycoon.

It was to cost them their political careers and rob the Conservatives of one of their safest seats, Tatton, in the Blair landslide victory in 1997.

Al Fayed claimed he paid Hamilton up to £110,000 and also gave him Harrods gift vouchers and a free holiday at his Ritz Hotel in Paris, in return for asking parliamentary questions about Harrods during his battle for control of the store with Lonrho tycoon Tiny Rowland.

Smith – also a junior minister – was said to have received between £18,000 and £25,000, handed over in brown envelopes stuffed with £50 notes.

Mohamed Al-Fayed
Image:
Mohamed Al Fayed in 1997

He quit straight away, but Hamilton battled on in a futile bid to clear his name.

Aitken, Major’s chief secretary to the Treasury and a former defence procurement minister, was revealed to have stayed without charge at the Ritz in Paris at the same time as Saudi arms dealers.

He sued for libel but was later convicted of perjury and served a jail term.

Read more:
Mohamed Al Fayed dies at the age of 94
Al Fayed’s casual relationship with truth
The tycoon that was never far from controversy

Smith stood down from parliament in 1997 but Hamilton attempted to cling on in Tatton, but was comprehensively defeated by the so-called “man in the white suit”, anti-sleaze candidate Martin Bell, who was backed by Labour and the Liberal Democrats.

Chief Secretary to the Treasury Jonathan Aitken attends a news conference at Conservative Central Office in London, where he announced his intention to sue the Guardian newspaper over allegations about his business activities.
Image:
Jonathan Aitken in 1995

The hugely damaging scandal led Major to set up the Committee for Standards in Public Life, which is still operating, though criticised at times for being toothless.

But despite its critics, the committee remains a lasting legacy of the cash-for-questions scandal and advises prime ministers, civil servants and parliament to this day.

And the committee’s best-known former chairman, Sir Alastair Graham, who headed the committee from 2004 to 2007, remains a frequent critic of political scandals such as Boris Johnson’s Partygate.

Hamilton, whose notoriety led him and his extrovert wife Christine to become TV celebrities, later defected to Nigel Farage’s UKIP.

Aitken, on the other hand, turned to God in prison and is now an Anglican priest.

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Trust Wallet taps Revolut for crypto purchases in Europe

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Trust Wallet taps Revolut for crypto purchases in Europe

Trust Wallet, the self-custodial crypto wallet owned by Binance co-founder Changpeng “CZ” Zhao, has partnered with European fintech unicorn and digital banking giant Revolut to introduce a new way to purchase crypto assets on its platform.

Trust Wallet users can now buy Bitcoin (BTC), Ether (ETH) and Solana (SOL) with Revolut through a direct integration, the company announced on Thursday.

With a minimum purchase starting at 10 euros ($12) and capped at 23,000 euros ($26,950) daily and per transaction, Trust Wallet’s new buy option is expected to provide a faster and easier way to access crypto from Europe.

In October, Revolut scored regulatory approval from the Cyprus Securities and Exchange Commission to offer crypto services across 30 European Economic Area markets in compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.

Stablecoins like USDC not supported, for now

The integration will initially support only three crypto assets, but the companies said they expect to add stablecoins such as Circle’s USDC (USDC) at a later stage.

The feature enables zero-fee crypto purchases using multiple fiat currencies supported by Revolut, including the euro, the British pound, as well as the Czech koruna, Danish Krone, Polish Złoty and others.

Europe, Payments, Changpeng Zhao, Revolut, MiCA, Self Custody, Trust Wallet
Source: Trust Wallet

While Revolut–Trust Wallet crypto purchases are offered with zero fees, adding money to a Revolut account is not free of charge in many cases, including via bank transfers, card top-ups and cash deposits. Cash deposits are subject to a 1.5% fee and are limited to $3,000 per calendar month, according to Revolut’s FAQs.

Related: Crypto self-custody is a fundamental right, says SEC’s Hester Peirce

The integration came shortly after Revolut secured a $75 billion company valuation after completing a private share sale in late November. “This makes us Europe’s most valuable private company and in the top 10 of the world’s most valuable private companies,” Revolut said in a post on X.

CZ-backed Trust Wallet has been actively tapping into trending market sectors, including prediction markets and real-world asset tokenization, expanding access to these offerings for self-custody users.

Cointelegraph contacted Revolut and Trust Wallet for comment on the integration, but had not received a response by publication.