Who is Tory donor Frank Hester and what did he reportedly say about Diane Abbott?
Businessman Frank Hester has been widely condemned after the emergence of comments he allegedly made about Diane Abbott.
Hackney MP Ms Abbott has since responded, saying the Tory donor’s reported comments had put her in a “frightening” position.
But who is Mr Hester and what is he alleged to have said about Ms Abbott?
How Mr Hester made his fortune
The 58-year-old healthcare entrepreneur is founder and chief executive of The Phoenix Partnership (TPP).
Based in Leeds, TPP describes itself as “a leading global provider of healthcare technology”.
It says it provides “vital clinical IT services in… more than 2,600 GP practices”.
During the pandemic, it was reported to have won a six-figure contract to supply data on vaccine uptake levels.
Mr Hester, who was awarded an OBE in 2015 for services to healthcare, made last year’s Sunday Times Rich List with an estimated fortune of £415m.
He was a computer programmer when he founded TTP in 1997 and was listed as one of the UK’s top 50 innovators in the national health publication Health Service Journal in 2013.
Huge donations to the Tories
Mr Hester donated £10m to the Tories last year, including a £5m donation to Rishi Sunak that came from him personally and another £5m that came from his healthcare software firm in November, Electoral Commission records show.
His ties to the party go back a long way.
In 2013, he travelled to India with David Cameron, the then-prime minister, as part of what was Britain’s biggest-ever trade delegation.
“This trip is worth a lot of money to us – it’s invaluable,” Mr Hester reportedly told the Financial Times during the trip.
“Being with the PM and UK Trade and Investment means we [see] the right people.”
Frank Hester with former Tory leader and prime minister David Cameron
Frank Hester chats with ex-Conservative PM Boris Johnson
The following year, Jeremy Hunt, the then health secretary, visited TPP’s headquarters, saying: “Technology is the key to 21st century personalised healthcare, so it is great to see companies like TPP leading the way with new software that will put [care home] residents in control of their health.”
What were his alleged remarks about Ms Abbott?
According to The Guardian, Mr Hester made remarks about Ms Abbott in 2019 during a meeting at his Leeds company headquarters.
In an article published on Monday, the publication reported he said: “It’s like trying not to be racist but you see Diane Abbott on the TV, and you’re just like… you just want to hate all black women because she’s there.
“And I don’t hate all black women at all, but I think she should be shot.”
How has Mr Hester responded?
A spokesperson for the entrepreneur released a statement saying: “Frank Hester accepts that he was rude about Diane Abbott in a private meeting several years ago but his criticism had nothing to do with her gender nor colour of skin.
“The Guardian is right when it quotes Frank saying he abhors racism, not least because he experienced it as the child of Irish immigrants in the 1970s.”
It added: “He rang Diane Abbott twice today to try to apologise directly for the hurt he has caused her, and is deeply sorry for his remarks.
“He wishes to make it clear that he regards racism as a poison which has no place in public life.”
How Ms Abbott responded
In her own statement, Ms Abbott, the UK’s first black woman to become an MP, detailed how “alarming” the alleged remarks were in light of the murder of two politicians since 2016.
“It is frightening,” said Ms Abbott. “I live in Hackney and do not drive so I find myself, at weekends, popping on a bus or even walking places more than most MPs.
“I am a single woman and that makes me vulnerable anyway. But to hear someone talking like this is worrying.”
Diane Abbott
She added: “For all of my career as an MP I have thought it important not to live in a bubble, but to mix and mingle with ordinary people. The fact that two MPs have been murdered in recent years makes talk like this all the more alarming.”
PM’s spokesperson says comments ‘unacceptable’ but ministers refuse to call them racist
Asked about the reported remarks at a regular briefing with journalists, Rishi Sunak’s spokesman said they were “clearly unacceptable”, but refused to say if they were racist.
Energy minister Graham Stuart told Sky News the remarks were “truly awful”.
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Graham Stuart MP said the alleged comments about Diane Abbott MP by Tory donor Frank Hester were ‘truly awful’, but says he
The PM’s spokesperson referred to Mr Stuart’s comments as he said: “I wouldn’t usually comment on alleged words, second-hand accounts, etcetera.
“But, as minister Stuart said this morning, what is alleged and reported to have been said is clearly unacceptable.”
He refused to be drawn on why they were unacceptable, adding: “I don’t have anything to add beyond what minister Stuart said this morning.”
Work and Pensions Secretary Mel Stride also told broadcasters the comments were “inappropriate”, but added: “I think the critical point here is I don’t think what he was saying was a gender-based or a race-based comment.”
Conservative MP and former chancellor Kwasi Kwarteng, however, said that the reported comments were “clearly racist and sexist”.
Calls for funds from Mr Hester to be returned
Sir Keir Starmer, London mayor Sadiq Khan and other political opponents of the Tories have demanded that the party return the money Mr Hester donated.
The Labour leader told ITV’s Lorraine: “The comments about Diane Abbott are just abhorrent.
“And Diane has been a trailblazer, she has paved the way for others, she’s probably faced more abuse than any other politician over the years on a sustained basis.
“And I’m sorry, this apology this morning that is pretending that what was said wasn’t racist or anything to do with the fact she’s a woman, I don’t buy that I’m afraid, and I think that it’s time the Tory party called it out and returned the money.”
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Khan demands PM ‘grow a backbone’
The PM has not directly commented on the demands, nor has the Conservative Party.
Asked if the party should return Mr Hester’s donations, Mr Stuart said: “We can’t cancel anybody from participation in public life, or indeed, donating to parties because they said something intemperate or wrong in their past.”
The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show.
The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph.
The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively.
They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF.
Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.
Related: Institutions break up with Ethereum but keep ETH on the hook
Deluge of filings
In 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review.
Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform.
The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies.
However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.
“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show.
The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT).
Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.
Related: 21Shares files for spot Dogecoin ETF in the US
Onslaught of altcoin ETFs
Fund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January.
As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP).
While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”
Dogecoin utility
Dogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko.
It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network.
The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments.
It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.
In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.
Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
The United Kingdom’s Treasury and Chancellor of the Exchequer, Rachel Reeves, have proposed new crypto rules aimed at “support[ing] innovation while cracking down on fraudsters.”
In an April 29 notice, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), that would bring “crypto exchanges, dealers and agents” in line with regulations, as many residents were “exposed to risky firms and scams.” It cited discussions with US government officials, including a proposed US-UK cross-border sandbox from the Securities and Exchange Commission’s Hester Peirce.
“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” said the notice. “The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.”
Related: UK trade bodies ask government to make crypto a ‘strategic priority’
Treasury and Reeves said the UK was committed to making the country a “global hub for digital asset technologies,” referencing the goals of the previous government under the Conservative Party. A 2023 consultation paper from Treasury proposed “bringing a wide range of cryptoasset activities” — including trading and issuing stablecoins — in line with UK regulations.
Praise from industry
In a statement shared with Cointelegraph, Ian Silvera, the associate director for the self-regulatory trade association CryptoUK, called the government announcement a “very much welcomed and a big victory” for crypto firms. However, he added that the industry could also benefit from regulatory clarity on liquid staking and DeFi.
“Though there has been good regulatory progress from the [Financial Conduct Authority], which published its crypto roadmap late last year, the UK government first committed to becoming a global crypto hub in 2022,” said Silvera. “Progress has been slow since then, but as the Chancellor has recognised herself the mainstreaming of the industry has continued, with now 12% of all UK adults owning some sort of crypto, up from 4% in 2021.”
The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its Markets in Crypto-Assets (MiCA) framework in December.
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