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

  • Panel of MPs said the British Business Bank put £335million of public cash at risk
  • Meg Hillier, Dame of the Earth, said that they only had to look at papers in order to know.
  • This is just the latest of a number of Greensill investigations.

A state-run bank carried out ‘woefully inadequate’ checks on a lending firm advised by David Cameron, a panel of MPs said yesterday.

They accused the British Business Bank of putting £335million of public cash at risk by failing to vet Greensill Capital.

Dame Meg Hillier from Labour, chairman of The Commons public accounts Committee, stated: “The British Business Bank just had to look at the papers to see serious questions about Greensill’s lending models, excessive exposure to borrowers, and ethical standards. 

Greensill Capital was a financial services company based in the United Kingdom and Australia and went bust earlier this year

Greensill Capital, a financial service company with headquarters in Australia and the United Kingdom, went bankrupt earlier this year.

Labour chairman of the 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 case and the pressure exercied by David Cameron on the authorities has shown that the UK’s rules for lobbying are not adequate. Left, Labour chairman of the Commons public accounts committee Dame Meg Hillier

The latest MPs report comes from a string of investigations into Greensill’s activities, which were conducted before it was bankrupted earlier in this year.

The company was specialized in early payment of suppliers and then recovering the money from customers.

An ex-PM Mr Cameron approached the Treasury & Bank of England in its place.

BBB argued that it was right to expedite vetting in the times of pandemic.