Officials’ ‘grossly inadequate’ investigation into Greensil Capital could cost taxpayers £335million

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Officials’ ‘grossly inadequate’ investigation on Greensil Capital could cost taxpayers £335 million, MPs warn

  • Panel of MPs says British Business Bank risked £335 million of public cash
  • Dame Meg Hillier said she ‘only had to read the papers to be aware’
  • This report is the latest in a series of investigations conducted at Greensil.

A public sector bank conducted a ‘grossly inadequate’ investigation on a lending firm advised by David Camerona panel of MPs said yesterday.

He accused the British business bank of risking £335 million of public cash by failing to investigate Greensil Capital.

Dame Meg Hillier, Labor chairman of the Commons Public Accounts Committee, said: ‘The British business bank only had to read the papers to be aware of serious questions about Greensil’s lending model, greater risk to borrowers and its ethical standards.’

Greensil Capital, a financial services company based in the United Kingdom and Australia, spun off earlier this year.

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

The Greensilver case and the pressure placed on officials by former Prime Minister David Cameron have shown the inadequacy of the rules governing lobbying in the UK.

Greensil’s case and the pressure exerted on officials by former Prime Minister David Cameron show the inadequacy of the rules governing lobbying in the UK. Left, Dame Meg Hillier, Labor Chair of the Commons Public Accounts Committee

The lawmakers’ report is the latest in a series of investigations into Greensil’s activities earlier this year.

It was adept at paying suppliers early and then collecting money from its customers.

Former PM Mr Cameron on his behalf approached the Treasury and the Bank of England.

The BBB insists it is right to fast-track vetting during the pandemic.

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