But this is no smoking behind the bike sheds at school expulsion. Steele and a former client are accused by the SFO of conspiring to fraudulently obtain a €22 million loan from Zurich-based EFG Bank.

According to the Times, Steele and property developer, Michael Shephard, were charged by the Serious Fraud Office (SFO) and released on conditional bail on Thursday.

The men are due to appear before Southwark Crown Court on 12 August.