Saturday, November 20, 2021, 6:00 a.m.
Weak internal controls at the state bank overseeing the Covid-19 loan programs resulted in Greensill Capital putting millions of pounds in taxpayers’ money at risk.
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An investigation by the Public Accounts Committee, a group of MPs who review government spending, found that British Business Bank, the state-owned bank that oversaw the Covid-19 emergency loan programs, did not conduct proper due diligence on Greensill Capital.
A lack of proper oversight has placed taxpayers’ money at £ 335million at increased risk.
Dame Meg Hillier MP, Chair of the Public Accounts Committee, said: “The British Business Bank only had to read the papers to know serious questions about Greensill’s credit model, excessive exposure to borrowers and its ethical standards – but it didn’t I will don’t really start looking at these issues until the problems were clear and hundreds of millions of tax dollars were at risk. “
“It was ‘very surprised’ to learn where these taxpayer-funded loans were being wary of in violation of its own credit and licensing rules.”
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The rebound in the UK is winking at supply chain collapses, causing the economy to tumble behind G7 rivals
The Public Accounts Committee said it was deeply concerned that Greensill had loaned the Gupta Family Group Alliance of Sanjiv Gupta £ 350 million from the pandemic loan plans, “which appears to be in violation of their group credit limit rule of £ 50 million,” it said Report.
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