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Michelle Mone’s meteoric rise to power was marred by controversy, as her lucrative business dealings sparked heated debates about ministerial conduct and conflict of interest.
Michelle Mone rose to prominence as the UK’s first female Conservative Party Minister for Business, Energy and Industrial Strategy. Her appointment was widely seen as a milestone for women in politics. However, her time in office was also marked by controversy.
Michelle Mone is a Scottish entrepreneur and businesswoman.
Born in 1967, she co-founded MJM International, a lingerie company that became popular for its branded products sold through Argos.
Mone's company was later acquired by the US-based company, 'Ultimo Group'.
She has been recognized for her entrepreneurial achievements, including being appointed as Baroness Mone of Mayfair in 2016.
In 2019, Mone became the owner of the lingerie firm Au Naturel, which she had purchased with her husband for £40,000. The business’s value skyrocketed after her appointment to government, and she reportedly earned over £1 million from the company between June 2020 and March 2022.
Mone has denied any impropriety in selling finance)”>shares[/highlight] in her business while in office, but critics have accused her of using her position for personal gain. Her actions sparked a heated debate about ministerial conduct and conflict of interest.
As Mone‘s time in government drew to a close, her business dealings also faced scrutiny. The company that owned Au Naturel, Esmé Group Limited, was found to be linked to an offshore company in the British Virgin Islands. This revelation raised concerns about tax avoidance and the use of complex financial structures to evade taxes.
The controversy surrounding Mone‘s business dealings culminated in a parliamentary inquiry into her conduct while in office. The inquiry concluded that Mone had breached the ministerial code, although she denied any wrongdoing.
Mone stepped down as Business Secretary in February 2022, amid mounting pressure from within her own party and outside critics. Her resignation marked the end of an era for the company, which has since sold Au Naturel to a rival firm.
