The boss of a US company which bagged billions of pounds worth of Covid contracts has been accused by his former associates of “squandering” profits on his lavish lifestyle.
Charles Huang, the founder of Innova Medical Group, made an eye-watering fortune after picking up 11 UK government contracts during the pandemic worth approximately £4.3 billion for lateral flow tests (LFTs).
Innova became the only company authorised to supply rapid Covid tests in the UK for at least four critical months, despite scores of others developing similar kits.
It helped Huang bag $2 billion (£1.6 billion) in profits, which he is now using to fund his exuberant lifestyle which includes (but is not limited to) luxury aircraft, an $18 million house in Los Angeles and “homes for his mistresses”.
The Guardian reports have emerged after it was revealed that Labour will bring in a Covid corruption commissioner if they get elected into power on July 4th.
Details set out in the party’s manifesto suggest a new powerful role will be created to recoup public money lost to pandemic-related fraud.
The new commissioner would be given the power to bring together public agencies including HMRC, the Serious Fraud Office and the National Crime Agency to pursue at least £2.6 billion of “lost” public funds.
They would examine contracts line by line and would have to update parliament on their progress in clawing back money.
Speaking in Liverpool, shadow chancellor Rachel Reeves said: “The cost to the taxpayer of Covid fraud is estimated at £7.2 billion with every one of those cheques signed by Rishi Sunak as chancellor and yet just 2 per cent of fraudulent Covid grants have been recovered.
“We will appoint a Covid corruption commissioner equipped with the powers they need and the mandate to do what it takes to chase those who have ripped off the taxpayer, taking them to court and clawing back every penny of taxpayers money that they can. That money belongs in our NHS, it belongs in our schools, it belongs in our police and conference – we want that money back.”
There is no indication that Huang was involved in fraudulent activity.
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