National Audit Office Launches Latest UK Probe Into Greensill
Najiyya Budaly, 16 April 2021
Britain’s public spending regulator said on Friday that it will investigate why the government accredited collapsed finance company Greensill Capital to provide cash to struggling businesses through the national COVID-19 support scheme.
The National Audit Office, an independent parliamentary body, said it will launch a probe into the role of Greensill in offering the Coronavirus Large Business Interruption Loan Scheme to large businesses on behalf of the government. It is the latest probe into government links to the supply-chain finance firm, which is in administration. Continue reading “Article: National Audit Office Launches Latest UK Probe Into Greensill”
BoJo Launches Investigation Into Cameron’s Lobbying On Behalf Of Greensill
TYLER DURDEN, 13 April 2021
For British PM Boris Johnson, the fallout from the collapse of Greensill has been akin to being gifted a golden saucer filled with excrement. At the time, BoJo apparently didn’t see anything wrong with facilitating the lobbying objectives of one of his predecessors, former PM David Cameron. But now that the British tabloid press has sicced the hounds on the PM, he has apparently realized it’s time for some damage control.
To wit, the FT reports that Downing Street and the Cabinet Office have launched a wide-ranging investigation after acknowledging that there was “significant interest in this matter.” Continue reading “Article: BoJo Launches Investigation Into Cameron’s Lobbying On Behalf Of Greensill”
Greensill scandal: government orders inquiry into Cameron lobbying
Jessica Elgot, 12 April 2021
No 10 is to a launch an independent investigation into former prime minister David Cameron’s lobbying for the now-collapsed Greensill and the role of the scandal-hit financier Lex Greensill in government.
The independent review, commissioned by Boris Johnson, will be led by the legal expert Nigel Boardman, a non-executive board member of the Department for Business, Energy and Industrial Strategy. Continue reading “Article: Greensill scandal: government orders inquiry into Cameron lobbying”
Another Wirecard? Invoices Backing Greensill-Issued Bonds Never Existed, Administrator Finds
As the collapse of Greensill Capital threatens to ensnare former PM David Cameron in a humiliating public probe, the Financial Times on Thursday reported some disturbing new details that appear to suggest Greensill wasn’t merely reckless, but potentially guilty of a Wirecard-style fraud.
According to the FT, Greensil’s administrator – who is responsible for winding down whatever assets remain and managing creditors’ claims -“has failed to verify invoices underpinning loans to Sanjeev Gupta, after companies listed on the documents denied that they had ever done business with the metals magnate.”
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Influential UK Standards Watchdog Targets Cameron’s Greensill Lobbying
TYLER DURDEN, 31 March 2021
By now, the British media has been inundated with reports about the special access afforded Greensill Capital, the trade-finance firm that collapsed and filed for administration three weeks ago after its main insurer declined to renew policies on some of Greensill’s assets, setting off a chain reaction that ensnared some of Europe’s biggest banks (including the embattled Credit Suisse, which is simultaneously fighting off another scandal in the Archegos Capital blowup).
And many of these stories have focused on the firm’s relationship with former Prime Minister David Cameron, who was hired as a senior advisor by the firm after he left No. 10 Downing Street. Cameron continued to lobby on the firm’s behalf, even after the michegas at GAM a few years back that led to the departure of star trader Tim Haywood, one of the most high-profile investors in London. It was reported that alleged misconduct attributed to Haywood had to do with his investments in Greensill paper – paper that was reportedly tied to Sanjay Gupta’s GFG Alliance group of companies, who have also emerged as main characters in the collapse of a group of Credit Suisse funds (the bank is now tallying client losses and even weighing the possibility of reimbursing some of its more important clients who have threatened to take their business elsewhere). Continue reading “Article: Influential UK Standards Watchdog Targets Cameron’s Greensill Lobbying”