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Prosperity Institute
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Prosperity Institute
The Prosperity Institute, formerly known as the Legatum Institute, is a think tank based in London. Its stated mission is to promote and protect the principles that produce local and national prosperity. The Institute has over forty donors, including the Legatum Foundation. It has been called "arguably the most influential think tank in Britain pushing its free-market pro-Brexit vision and enjoying privileged access to media and ministers", but has attracted controversy as well.
The Legatum Institute was founded in 2007, funded by the Dubai-based Legatum Group, owned by businessman and hedge fund manager Christopher Chandler. Chandler and his brother, Richard, built their fortune through a range of investments in the 1990s and 2000s, notably in Russia as well as in Hong Kong property and Japanese banking sectors. The Institute is supported by their family charity, the Legatum Foundation. The Foundation contributes to various philanthropic initiatives, including the END Fund and the Freedom Fund.
It is controlled by four directors, only one of whom resides in the UK.[better source needed]
In 2018, it was criticised by the Charity Commission for breaching its charitable objectives by publishing a partial and biased account of the benefits of free trade post-Brexit. It was closely aligned with the Vote Leave campaign, awarding fellowships to the campaign's chair, Gisela Stuart, and its CEO, Matthew Elliott. The team targeted by the Charity Commission subsequently moved to the Institute of Economic Affairs, where they continued to face scrutiny. However, the Charity Commission has since issued an apology for the entire episode.[better source needed] Additionally, Prosperity is no longer registered as a charity.[citation needed]
In 2018, the Legatum Institute also received $10,000 from the Robert F. Agostinelli Foundation. Agostinelli is a right-wing billionaire who backs neoconservative causes and once called the left a "cancer that needs to be eradicated". He was previously a donor to the US presidential campaign of former New York City mayor Rudy Giuliani.
The Legatum Institute states that it is funded by private donors. [citation needed] These are not listed on its site or in its financial declarations. In November 2022, the funding transparency website Who Funds You? rated the institute as E, the lowest transparency rating (rating goes from A to E).
The Institute is located in Mayfair. Philippa Stroud (formerly executive director of the Centre for Social Justice, and a Conservative Party peer in the House of Lords) was appointed CEO of the Legatum Institute in 2016 and left this post in March 2023 to head up the Institute's Alliance for Responsible Citizenship.
In 2018, Chandler was publicly accused by Bob Seely, a Conservative MP, of links to Russian intelligence. Seely claimed that he and other MPs had seen intelligence documents suggesting Chandler might be a counterintelligence concern. Chandler and the Institute strongly denied these accusations. In response, Chandler filed a libel lawsuit in the US District Court for the District of Columbia against a private investigator who had allegedly provided the information. In 2021, Chandler successfully revived the libel case after it was initially dismissed, and in 2024, he was awarded him $8 million in damages after finding in his favour.
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Prosperity Institute
The Prosperity Institute, formerly known as the Legatum Institute, is a think tank based in London. Its stated mission is to promote and protect the principles that produce local and national prosperity. The Institute has over forty donors, including the Legatum Foundation. It has been called "arguably the most influential think tank in Britain pushing its free-market pro-Brexit vision and enjoying privileged access to media and ministers", but has attracted controversy as well.
The Legatum Institute was founded in 2007, funded by the Dubai-based Legatum Group, owned by businessman and hedge fund manager Christopher Chandler. Chandler and his brother, Richard, built their fortune through a range of investments in the 1990s and 2000s, notably in Russia as well as in Hong Kong property and Japanese banking sectors. The Institute is supported by their family charity, the Legatum Foundation. The Foundation contributes to various philanthropic initiatives, including the END Fund and the Freedom Fund.
It is controlled by four directors, only one of whom resides in the UK.[better source needed]
In 2018, it was criticised by the Charity Commission for breaching its charitable objectives by publishing a partial and biased account of the benefits of free trade post-Brexit. It was closely aligned with the Vote Leave campaign, awarding fellowships to the campaign's chair, Gisela Stuart, and its CEO, Matthew Elliott. The team targeted by the Charity Commission subsequently moved to the Institute of Economic Affairs, where they continued to face scrutiny. However, the Charity Commission has since issued an apology for the entire episode.[better source needed] Additionally, Prosperity is no longer registered as a charity.[citation needed]
In 2018, the Legatum Institute also received $10,000 from the Robert F. Agostinelli Foundation. Agostinelli is a right-wing billionaire who backs neoconservative causes and once called the left a "cancer that needs to be eradicated". He was previously a donor to the US presidential campaign of former New York City mayor Rudy Giuliani.
The Legatum Institute states that it is funded by private donors. [citation needed] These are not listed on its site or in its financial declarations. In November 2022, the funding transparency website Who Funds You? rated the institute as E, the lowest transparency rating (rating goes from A to E).
The Institute is located in Mayfair. Philippa Stroud (formerly executive director of the Centre for Social Justice, and a Conservative Party peer in the House of Lords) was appointed CEO of the Legatum Institute in 2016 and left this post in March 2023 to head up the Institute's Alliance for Responsible Citizenship.
In 2018, Chandler was publicly accused by Bob Seely, a Conservative MP, of links to Russian intelligence. Seely claimed that he and other MPs had seen intelligence documents suggesting Chandler might be a counterintelligence concern. Chandler and the Institute strongly denied these accusations. In response, Chandler filed a libel lawsuit in the US District Court for the District of Columbia against a private investigator who had allegedly provided the information. In 2021, Chandler successfully revived the libel case after it was initially dismissed, and in 2024, he was awarded him $8 million in damages after finding in his favour.