Ian Cameron, who died in 2010, is the father of British Prime Minister David Cameron. Born with severely deformed legs, he underwent multiple surgeries but managed to pursue amateur sports and made his fortune as a stockbroker and investor. He became senior partner in brokerage Panmure Gordon, as his father and grandfather had been before him.
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Cameron helped create and develop Blairmore Holdings Inc. in Panama in 1982 and was involved in the investment fund until his 2010 death. Although Cameron didn't appear as director of Blairmore until 1989, a 2006 prospectus said he "was instrumental in the formation of Blairmore Holdings Inc. in the early 1980s." In July 1998, the fund was valued at nearly $20 million. Promotional literature noted the fund was “not liable to taxation on its income or capital gains” and that the fund "will not be subject to United Kingdom corporation tax or income tax on its profits." Blairmore used a large amount of bearer shares –unregistered shares that belong to anyone who physically holds the share certificates– until 2006.
Ian Cameron died on Sept. 8, 2010. David Cameron did not respond to a request for comment by ICIJ partner The Guardian prior to publication. On April 7, Cameron admitted in an interview with ITV, that he profited from his late father’s offshore investment fund. He said he sold his stake in the Blairmore fund for more than $50,000 in January 2010, just four months before entering Downing Street. Cameron said he and his wife held 5,000 shares in the Blairmore from 1997 to 2010.
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