THE Paradise Papers, which revealed secret overseas arrangements by several organisations and figures including the Royal Family’s, also incriminated Oxford and Cambridge Universities.

It showed that the collegiate institutions invested tens of millions in offshore funds.

Analysis of the papers revealed that both universities paid had invested money into a company dealing in oil exploration and deep-sea drilling.

According to the documents, Oxford invested £2.6m in Coller International, a private equity firm based in Guernsey.