Jo Bamford (a 43-year old self-described “green entrepreneur”) is being questioned about his conduct. He is a director at a key JCB holding firm and has now become an investor in hydrogen and bus manufacturing.
His companies, including Wrightbus, a doubledecker manufacturer, have been awarded contracts totaling nearly PS80m from the government for zero-emission buses throughout England and Northern Ireland in the past three years.
Jo Bamford sits on the Wrightbus prototype of a sustainable fuel cell hydrogen bus.
Jo Bamford is seated in the Wrightbus prototype of a sustainable fuel-cell hydrogenbus. Photograph by Liam McBurney/PA
A judge in US civil proceedings is now looking into Bamford’s business transactions.
US court transcripts and filings show that he is involved in a bitter dispute about the ownership of a Philadelphia-based company. These documents reveal for the first-time Bamford’s investment at the Delaware Valley Regional Center, (DVRC), one the hundreds of ventures that were set up to sell fast-track green cards under the controversial EB-5 visa scheme.
Joseph Manheim, Bamford’s former best friend is suing him. He accuses him of “surreptitiously” seizing control over the joint venture and then using that control to steal $5.9m (PS4.4m). Manheim vigorously refuted the claims and brought his own counterclaim. The dispute escalated and both men levelled a torrent of accusations at each other.
In June, the Delaware case was brought to trial. It provided an incredible insight into the world of privilege and extreme wealth within one of Britain’s most prominent industrial families.
Joseph Manheim, as seen in 1998.
Joseph Manheim, as seen in 1998. Photograph: Dominic O’Neill
Bamford claimed that he raced classic Ferraris while Manheim said he collected rare pheasants. Cross-examination revealed that Bamford admitted to ordering cannabis from a company email address and sending unspecified “inappropriately explicit photos”.
Bamford and another founding director joined him as a plaintiff. Manheim was then accused of using company funds to go to Philadelphia’s strip club, to lease a Porsche and to pay for polo matches.
Manheim claimed that Bamford intended to use the legal process in order to execute a “bloodless coup,” to take control of the company.
Both men denied any wrongdoing. Manheim’s lawyers declined to comment. The final decision on the counterclaim and claim is not expected before next year.
Green cards “for sale”
Jo Bamford, Lord Bamford, and Jo Bamford, who were representing JCB jointly, said that the US legal proceedings had nothing to do with the peer or the digger firm.
Anthony Bamford (76) is one of the UK’s most successful industrialists with a net worth of PS4.6bn. In 2013, he was elected a peer and campaigned for Brexit. He has also donated millions to the Conservative party. Jo Bamford is his oldest son and has donated PS75,000 for the Tories.
He could also one day take over the family business.
Boris Johnson photographed with Jo Bamford
Boris Johnson photographed with Jo Bamford. Photograph: #hydrogenroadshow
Jo Bamford met Manheim when Manheim was an investment banker.
Court hearings provided a glimpse into their once-close relationship. The two men enjoyed socialising and vacationing together, and they were godfathers to each others’ children. Manheim was eventually granted access to his $2m Goldman Sachs account by Bamford.
Bamford supported the green card venture when Manheim proposed it in 2012. Bamford claimed that the equity in DVRC was divided between two of his friends and a third partner. All three would share equally in the profits. Bamford claimed that he was not involved in DVRC activities, other than attending board meetings.
Clients of the company were mostly from China, but also from Vietnam, South Korea and other countries. They could obtain fast-track visas to the US by investing $500,000 each in local roads and public transport projects.
According to Manheim’s pretrial brief, assets of the fund that held DVRC client money had accumulated to $623m by January 2021 from 1,246 investors. Bamford received $2.15 million in total distributions from the profits between 2016 and 2020.
DVRC was operated under the EB-5 program, which allowed wealthy foreigners to buy the right to reside and work in the US. After criticism from senators, EB-5 has been suspended for all new applicants.
Bamford, through his lawyers, stated that EB-5 was reauthorized on multiple occasions and that DVRC is an entirely legal business.
A strip club and Polo
The trial exposed DVRC’s unusual business practices. According to Bamford’s pretrial brief, Manheim and the third business partner visited Delilah’s Den in Philadelphia on numerous occasions. They racked up $3,928, which was a staggering amount.
According to testimony from the third partner, Manheim also allegedly borrowed money from the business to pay $20,000 to $50,000 for a polo match with Argentina.
According to court papers the relationship between business partners began to deteriorate in 2018. Manheim and other directors reached an agreement to remove Bamford from the board in August 2018.
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His removal is highly contentious. Bamford claimed that he was illegally removed.
Manheim presented evidence that outlines several reasons for Bamford’s dismissal. Manheim claimed that Bamford, as a shareholder, had placed his interests above his duties as director and failed to prioritize the company’s needs and 1,200 investors during a board meeting. Bamford refuted the allegation through his lawyers.
Bamford admitted in court that he used his company email account to order cannabis through Craigslist. He also confirmed that he used his work email address to send “inappropriate and explicit photos”.
It’s a difficult conversation
Manheim tried to bring out tensions in the Bamford clan during the hearings.
Bamford testified that he “regretfully” left the family business in 2016, after having a “difficult, and painful conversation” about it with his father. He stated that his father didn’t want to leave the business and that he didn’t want him leaving the business. “And while I wasn’t interested in being Prince Charles, I didn’t want to wait for the rest of life. I wanted to start my own business.”
Manheim stated in his evidence that Bamford asked him to perform a DNA test of his younger brother some years back. Bamford allegedly gave him samples to analyze. Manheim claimed that he did not perform the test. Manheim claimed that Bamford was “excitable” when it came to family matters, and his approach was “let it settle down.”
Bamford strongly denied that this happened through his lawyers.
His lawyers attempted to strike out the claim on the grounds of relevance, claiming that the allegation was from two years prior to the dispute at issue in the trial. The judge rejected the objection and stated that it was relevant because “past interactions, with people, contribute to how one sees them”, according the court transcript.
Bamford sued Manheim in 2019 alleging that he “skimmed profits” and that he received more than $5.9 million without the consent or knowledge of his fellow shareholders. He also accused him of fraudsterly taking over the company. Bamford is seeking damages and Manheim’s removal and replacement by a trustee.
Manheim’s request for the case to be dismissed and costs paid was rejected. The judge made a verbal ruling regarding some aspects of the case. He stated that Manheim and his associates had “an awful lot” of money leave the company. That’s the real outcome.
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