Officials’ ‘woefully inadequate’ checks on Greensill Capital could cost taxpayers £335million
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.’
Greensill Capital was a financial services company based in the United Kingdom and Australia and went bust earlier this year
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, Labour chairman of the Commons public accounts committee Dame Meg Hillier