[2025] UKUT 00185 (TCC)

Mr Donaldson provided a witness statement, was cross-examined by Mr Stanley and re-examined by Mr Jaffey. His statement, like that of Mr Arden, was largely focused on emphasising that he was uncertain about the materiality of the CLIP loan issue, but his answers under cross-examination were more straightforward. For example, his witness statement said that (a) the estimated CLIP loan error had been based on sampling, and (b) there was uncertainty as to the regulatory position. However, he agreed under cross-examination that:

Where we have not accepted Mr Donaldson’s recollections, we have explained our reasoning in the main body of this decision. As with Mr Arden, we find that his memory as reflected in parts of his evidence had been “revised” to make it “more consistent” with his present beliefs, instead of reflecting the position at the time, see Gestmin.