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A major Tory donor has apologised after reportedly saying Diane Abbott made him "want to hate all black women" and that she "should be shot".
Frank Hester made the remarks about the then-shadow home secretary during a meeting in 2019, The Guardian reports.
Mr Hester, who runs a health tech firm and gave the Tories £10m last year, admitted making "rude" comments about her.
But he said his remarks "had nothing to do with her gender nor colour of skin".
Speaking in the Commons, shadow health secretary Wes Streeting said: "This is utterly revolting, racist, and inciteful language. It has no place in our politics and public life."
Mr Hester is the founder and chief executive of TPP, a Leeds-based company that specialises in providing healthcare technology.
One of the Conservative Party's biggest donors, he donated £5m to the party last year, with a further £5m donated through his company.
In November, he gifted Prime Minister Rishi Sunak the use of a helicopter for a political visit, valued at £15,900, according to parliamentary records.
The Guardian reported that he had made remarks about Ms Abbott while criticising a female executive at another organisation during a meeting at TPP's headquarters in 2019.
The newspaper reported that he went on to say: "It's like trying not to be racist but you see Diane Abbott on the TV, and you're just like I hate, you just want to hate all black women because she's there, and I don't hate all black women at all, but I think she should be shot.
"[The executive] and Diane Abbott need to be shot."
At the time, Ms Abbott - who is currently suspended as a Labour MP - was shadow home secretary under former leader Jeremy Corbyn.
The BBC has not heard a recording, or been able to independently verify the alleged remarks.
In a statement, TPP said Mr Hester "accepts that he was rude about Diane Abbot in a private meeting several years ago but his criticism had nothing to do with her gender nor colour of skin".
It added: "The Guardian is right when it quotes Frank saying he abhors racism, not least because he experienced it as the child of Irish immigrants in the 1970s.
"He rang Diane Abbott twice today to try to apologise directly for the hurt he has caused her, and is deeply sorry for his remarks.
"He wishes to make it clear that he regards racism as a poison which has no place in public life."
In response to a request by the BBC, a spokesperson for Mr Hester said the statement is not a confirmation of the alleged quotes in The Guardian.
Labour and the Liberal Democrats called on the Conservatives to return Mr Hester's donations.
A Conservative Party spokesperson said: "Mr Hester has made clear that while he was rude, his criticism had nothing to do with her gender nor the colour of her skin. He has since apologised."
Ms Abbott, first elected in 1987, served in several shadow cabinet roles under former leader Mr Corbyn.
She was suspended as a Labour MP last year after saying Irish, Jewish and Traveller people were not subject to racism "all their lives". She withdrew her remarks and apologised "for any anguish caused".
The party withdrew the whip, meaning she now sits as an independent, pending an investigation.