Officials’ ‘woefully inadequate’ checks on Greensill Capital could cost taxpayers £ 335million

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‘Woefully inadequate’ checks on David Cameron-advised loan firm Greensill Capital could cost taxpayers £ 335million, MPs warn

  • A panel of MPs said the British Business Bank was putting £ 335million in public cash at risk
  • Dame Meg Hillier said they “only have to read the papers to know”
  • The report is the latest in a series of investigations into Greensill










A state bank has carried out “woefully insufficient” checks on a credit company advised by David Cameron, a panel of lawmakers said yesterday.

They accused the British Business Bank of endangering £ 335million in public money by failing to control Greensill Capital.

Dame Meg Hillier, Labor chairman of the House of Commons Public Accounts Committee, said: “The British Business Bank has only had to read the papers to be aware of the serious issues surrounding Greensill’s lending model, overexposure to borrowers and its ethical standards. ”

Greensill Capital was a UK and Australia based financial services firm and went bankrupt earlier this year

Labor Chair of the House of Commons Public Accounts Committee Dame Meg Hillier

The Greensill affair and the pressure exerted by former Prime Minister David Cameron on the authorities have shown the inadequacy of the rules governing lobbying in the UK

The Greensill affair and the pressure exerted by former Prime Minister David Cameron, right, on the authorities have shown the inadequacy of the rules governing lobbying in the UK. Left, Labor chair of the House of Commons public accounts committee Dame Meg Hillier

The MPs report is the latest in a series of inquiries into Greensill’s activities before it went bankrupt earlier this year.

He specialized in prepaying suppliers and then collecting money from their customers.

Former Prime Minister Cameron approached the Treasury and the Bank of England on his behalf.

The BBB insisted it was right to speed up the verification during the pandemic.

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