Prince Andrew suffers blow as 'Chinese spy' continues to hold important British roles

The situation has sparked concern among MPs, who have called for an urgent regulatory review of his positions.

Yang, 50, was thrust into the spotlight when he was named by the High Court as an alleged Chinese spy, having previously been referred to as H6 before an anonymity order was overturned.

The Home Office implemented the entry ban last year following MI5's assessment of his activities on behalf of the CCP.

The regulatory response to Yang's continued directorships has revealed confusion between the UK's oversight bodies.

Companies House stated last week it was powerless to intervene in the matter.

"Whilst Mr Tengbo [Yang] has been refused entry into the UK, unless Mr Tengbo [Yang] is disqualified as a director, or appears on the UK sanctions list, we have no powers to act in relation to his appointments as a director," the registry said.

The Financial Conduct Authority has also distanced itself from the issue, with a spokesman claiming it falls under the Insolvency Service's jurisdiction.

This regulatory deadlock has highlighted potential gaps in the UK's corporate governance system.

One of the companies still listing Yang as a director is Hampton Group International, a lobbying firm with extensive links to China.

Liam Byrne MP, chairman of the Business and Trade Committee, has expressed serious concerns about the regulatory oversight.

"If we're to safeguard our country better from foreign threats then we have to make sure that Companies House is no longer a weak link in the defence against economic crime and malevolent influence," Byrne said.

The MP called it "surprising in many ways that while Mr Yang is denied leave to enter the country, he is still allowed to carry on with his duties as a director of companies listed at Companies House."

Byrne has urged regulators to conduct an urgent review to determine whether Yang can still be considered a "fit and proper person" to serve as a UK company director.

He recently wrote to Companies House questioning why the alleged spy's directorships remained "still active".

Yang has denied the allegations against him, stating in December that he had "done nothing wrong or unlawful" and that descriptions of him as a spy were "entirely untrue."

The businessman has announced he is withdrawing from his UK business interests.

"I am in the process of resigning from all my UK directorships and am closing those companies that never traded, which were created for opportunities that did not materialise," Yang said.

Before the controversy, Yang had established connections with prominent British figures, including former Prime Ministers David Cameron and Theresa May.

He was also involved in arranging the first UK-China Business Leaders Summit, where he met with then-chancellor George Osborne.

Yang had built ties with the Duke of York through the Chinese arm of the Pitch@Palace initiative, becoming what judges described as a "close confidant" of Prince Andrew.

The duke has stated he "ceased all contact" with Yang when the Government first raised concerns.