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Islington Tribune - by TOM FOOT
Published: 21 March 2008

Tax-haven charity revealed as academy’s ‘secret donor’

THE academy replacing Islington Green School in September is being bankrolled by a charity based in the tax haven of Liechtenstein.
After months of speculation, the “secret donor” of the City of London Academy was named in a press release from City University as the Medicor Foundation.
Pledging £1million towards the new school, in a “purely philanthropic donation”, Medicor joins other donors The John Cass Foundation and The Worshipful Company of Saddlers.
A spokeswoman for City University, which is sponsoring the school, said: “Now the funding agreement has been signed and the academy will open in September the donor felt this was the right time to draw a line under the acrimony and opposition around this academy.
“It is usual practice for the donor to carry out philanthropic work around the world anonymously to avoid publicity and the flood of applications and inquiries for support.”
The principality of Liechtenstein is a tiny, landlocked country tucked away between Switzerland and Austria. Much of its wealth is based on its status as a low-tax haven. The Medicor Foundation was founded in 1995 by its president, Prince Eugen, 38th in line to the Liechtenstein throne. It funds a range of education, health and social care projects around the world.
The Medicor Foundation announcement follows the signing of a funding agreement between schools minister Jim McKnight and the university, effectively ending a long-running campaign to save the school.
Islington Campaign Against Academies has warned that the new school will usher in a two-tier education system and has vowed to continue its fight. A spokesman said: “It may take time, but we are confident campaigners will eventually be able to overcome the defenders of class privilege and convince the government it must provide a good school for every child.”

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