Tory MP calls for Umunna to join Cable and Lazard at new hearing

BUSINESS secretary Vince Cable was yesterday asked to appear in front of a Commons committee to discuss whether shares in Royal Mail were sold on the cheap.

MPs on the business select committee also asked investment bankers at Lazard to attend the hearing, which is scheduled for November.

Lazard advised the government on the deal, dealing with issues such as appropriate pricing.

Last night Tory MP Nadhim Zahawi told City A.M. that Labour shadow business secretary Chuka Umunna should also appear after he claimed that the company was massively undervalued.

Zahawi said Umunna showed “utter naivety as to how his party political briefing would be construed by financial markets” and should be held accountable for boosting the rush for shares. A spokesman for Umunna dismissed the call, saying the opposition had been “doing its constitutional duty”.