Officials’ ‘woefully inadequate’ checks on Greensill Capital could cost taxpayers £335million, MPs warn
- Panel of MPs said the British Business Bank put £335million of public cash at risk
- Dame Meg Hillier said they ‘only had to read the papers to be aware’
- The report is the latest in a series of investigations carried out into Greensill
Labour chairman of the Commons public accounts committee Dame Meg Hillier
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, Labour 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 Greensill’s lending model, over-exposure to borrowers and its ethical standards.’
The MPs’ report is the latest in a series of investigations carried out into the activities of Greensill before it went bust earlier this year.
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
It specialised in paying suppliers early then recouping the money from their customers.
Former PM Mr Cameron made approaches to the Treasury and Bank of England on its behalf.
The BBB insisted it had been right to fast-track vetting during the pandemic.
Greensill Capital was a financial services company based in the United Kingdom and Australia and went bust earlier this year