Pension funds risk huge losses as Greensill rescue hopes fade...

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby rebbonk » Sun Mar 28, 2021 5:16 pm

Maybe it ain't over yet...

Calls have intensified for an inquiry into David Cameron’s involvement with a scandal-hit banker after allegations surfaced that Lex Greensill was given privileged access to Whitehall departments.

An investigation by the Sunday Times alleged that Mr Greensill enriched himself through a government-backed loan scheme he designed after the then prime minister gave him access to 11 departments and agencies.

He founded Greensill Capital, the firm that went on to employ Mr Cameron but later collapsed, causing uncertainty for thousands of jobs at Liberty Steel, having been its main financial backer.

Labour and Sir Alistair Graham, former chairman of the Committee on Standards in Public Life, called for a full inquiry into the “scandal”.

The allegations surfaced after the former Conservative leader faced scrutiny for reportedly trying to persuade government figures to grant emergency loans to Greensill Capital, where he was an adviser.

The Sunday Times report alleged the Australian financier was given access to the departments while Mr Cameron was in No 10 so he could promote a financial product he specialised in.

The Pharmacy Early Payment Scheme, announced in 2012, saw banks swiftly reimburse pharmacists for providing NHS prescriptions, for a fee, before recovering the money from the government.

Greensill Capital went on to provide funds for the scheme.

Mr Geensill could not be reached for comment, but the newspaper said he was understood to deny making large returns from a pharmacy deal.

Sir Alistair said: “There clearly should be a full inquiry because it sounds like a genuine scandal in which the public purse was put at risk without proper political authority.”

Labour’s shadow chancellor of the Duchy of Lancaster, Rachel Reeves, said: “These reports raise very serious questions about the conduct of former Conservative prime minister David Cameron and the access he gave Lex Greensill to ministers and Whitehall departments.

“The British people deserve answers to those questions. That’s why the Conservatives should agree to an urgent inquiry so we can get to the bottom of this latest scandal.”

Culture Secretary Oliver Dowden defended his long-term ally on Sunday, saying Mr Cameron is a “man of utmost integrity and I’ve no doubt at all he would have behaved properly”.

Asked on The Andrew Marr Show if there would be an inquiry, the Cabinet minister responded: “As far as I can tell, no decision in government policy was changed as a result of any meetings that took place. They’d be properly declared.”

A Government spokesman said: “Lex Greensill acted as a supply chain finance adviser from 2012 to 2015 and as a crown representative for three years from 2013.

“His appointment was approved in the normal manner and he was not paid for either role.”

The office of Mr Cameron, who was prime minister between 2010 and 2016, has not responded to a request for comment.

He was cleared of breaking lobbying rules by a watchdog after reportedly asking Chancellor Rishi Sunak to support Greensill Capital through the Government’s Covid Corporate Financing Facility.

The Registrar of Consultant Lobbyists concluded that Mr Cameron was an employee of Greensill Capital so was not required to declare himself on the register of consultant lobbyists.


Source: https://www.standard.co.uk/news/uk/david-cameron-sunday-times-oliver-dowden-conservative-government-b926694.html
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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Fri Apr 09, 2021 10:48 pm

Rishi Sunak ‘pushed’ Treasury team to help David Cameron and Greensill

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Rishi Sunak told David Cameron he had “pushed” Treasury officials to help the finance firm Greensill participate in a multi-million pound Covid support scheme, text messages reveal.

The messages, released following a freedom of information request, show Sunak personally intervened to try and help after being contacted by the former prime minister who was a paid adviser to Greensill.

It led to nearly two months of negotiations between the second most senior official in the Treasury and Greensill as they attempted to find a way to accommodate the company.

When the decision was finally taken not to proceed with the scheme Greensill was lobbying to be part of, Sunak personally phoned Cameron to break the news to him.

Last night Labour said the messages suggested Sunak may have broken the ministerial code and called for a “transparent and thorough investigation”.

“They suggest that Greensill Capital got accelerated treatment and access to officials, and that the chancellor had pushed officials to consider Greensill’s requests,” Anneliese Dodds, the shadow chancellor, said.

“The chancellor’s decision to open the door to Greensill Capital has put public money at risk.”

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby rebbonk » Sat Apr 10, 2021 3:12 am

I live in hope that Cameron, disgrace that he was, brings the whole sorry lot crashing down. - I might get my wish the way this is going.
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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Sat Apr 10, 2021 9:23 pm

David Cameron lobbied No 10 and Hancock for Greensill

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Downing Street today became embroiled in the “biggest lobbying scandal in a generation” after new evidence emerged of attempts by David Cameron to influence the Government.

The former prime minister intervened on two fronts to promote the company run by disgraced financier Lex Greensill. The Sunday Times can disclose:

• Cameron emailed Boris Johnson’s senior special adviser at No 10 last year within hours of the Treasury rejecting an application from Greensill to access a Covid emergency loan scheme

•He said it was “nuts” to exclude Greensill’s company from a multibillion-pound Covid loan scheme and demanded the government reconsider

•Cameron wrote: “What we need is for Rishi [Sunak] to have a good look at this and ask officials to find a way of making it work”

•His lobbying led the Treasury to reconsider its decision rejecting Greensill’s application

•In a separate development, it can be revealed that Cameron brought Greensill to a “private drink” with the health secretary in October 2019

•Cameron and Greensill lobbied Matt Hancock to introduce a payment scheme that was later rolled out within the NHS.

•With the help of one of Cameron’s former ministers, Greensill, 44, also met with Dido Harding, the then head of NHS Improvement, and Sir Simon Stevens, the chief executive of the NHS, to pitch his ideas.

•Greensill later launched a partnership with NHS Shared Business Services, jointly run by Hancock’s department allowing up to 400,000 NHS to be paid daily

•The Australian banker planned to make money from the scheme, which was awarded without tender or an open process.

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby rebbonk » Sat Apr 10, 2021 9:38 pm

I feel the knives are out...

Cameron, financier and Hancock discussed NHS payment scheme over ‘private drink’
Mr Cameron was said to have described the decision to exclude his employer’s firm, Greensill Capital, from the multibillion-pound scheme as ‘nuts’.

David Cameron took scandal-hit financier Lex Greensill for a “private drink” with Health SecretaryMatt Hancock to discuss a payment scheme later rolled out in the NHS

The Sunday Times also reported that the Treasury reconsidered Mr Greensill’s application for an emergency coronavirus loan after the former prime minister messaged a senior adviser to Boris Johnson.

Mr Cameron was said to have described the decision to exclude his employer’s firm, Greensill Capital, from the multibillion-pound scheme as “nuts” and pressed for the Chancellor to reconsider.

“What we need is for Rishi (Sunak) to have a good look at this and ask officials to find a way of making it work,” Mr Cameron wrote last year.

The developments are the latest in a lobbying controversy that has dogged the Conservative former prime minister in recent weeks.

Questions were mounting over his efforts to secure access for the finance company, which later collapsed putting thousands of UK steelmaking jobs at risk.

Mr Greensill was understood to have written to Mr Hancock’s office about the payment scheme in August 2019, copying in NHS England chairman Lord Prior, before the Health Secretary commissioned advice from officials.

An ally of Mr Hancock confirmed a drink took place between Mr Cameron, the Health Secretary and the Australian financier in October 2019.

Mr Greensill’s firm at the time wanted to introduce a flexible scheme to pay doctors and nurses either daily or weekly.

NHS SBS, a joint venture between the Department of Health and Social Care (DHSC) and a French IT firm, went on to announce in October last year that Earnd, a mobile app that was then a division of Greensill, would be available free-of-charge to NHS employees to access their pay.

Mr Hancock referred Mr Greensill to work directly with the NHS rather than his department, according to the ally, who insisted the final decision to use the scheme was for local NHS employers.

“Matt acted in entirely the correct way – he updated officials on the business that was discussed, as is appropriate,” the friend said.

Mr Cameron is yet to comment publicly about the “growing scandal”, as Labour has called it.

But a source close to the former prime minister said: “David Cameron was an enthusiastic champion of Greensill’s pay product, Earnd, and met with various people to discuss its rollout across the NHS.”

A Department of Health and Social Care spokesman said: “The wellbeing of NHS staff is the top priority of the department and Health Secretary.

“Our approach was and is that local NHS employers are best placed to decide how different pay flexibilities fit with their overall pay and reward offer for their staff.”

Mr Greensill is also yet to comment on the controversy.

A source close to him said: “As part of their corporate social responsibility, Greensill offered Earnd for free to the NHS – that is no charge to employees, and no charge to the NHS either. Greensill met all costs themselves.”

Meanwhile, it was understood that Mr Cameron’s message to the Prime Minister’s adviser was forwarded on to the Treasury.

But it could not be immediately confirmed whether the lobbying did lead to the Treasury reconsidering its move to reject the loan scheme application.

A No 10 spokesman: “Throughout the pandemic, an immense number of businesses contacted Downing Street with representations; these were passed on to relevant departments.”

This week, it emerged the Chancellor responded to private texts from Mr Cameron saying he had “pushed” officials to consider plans that could have helped Greensill in 2020.

Labour called for Mr Sunak to “come out of hiding” and make a statement to Parliament about the “growing scandal”, and reiterated demands for an investigation.

Shadow chief secretary to the treasury Bridget Phillipson said: “Every day brings fresh revelations about the culture of cronyism at the heart of this Conservative Government.

“Through David Cameron, Greensill looks to have had the run of Government from Number 10 down, including access to millions of pounds of public money.”


Source: https://www.standard.co.uk/news/uk/david-cameron-nhs-matt-hancock-health-secretary-the-sunday-times-b929021.html

Maybe there is a God and the slimeballs are about to cop it? - I can but live in hope.
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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Mon Apr 12, 2021 3:18 pm

UK government to announce independent probe into Cameron and Greensill

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Downing Street said on Monday that the Cabinet Office had launched a wide-ranging investigation after acknowledging that there was “significant interest in this matter”. The prime minister wanted to ensure the government was “completely transparent ”

The inquiry will be led by Nigel Boardman, a former partner at Slaughter and May and a non-executive director at the Department for Business, Energy and Industrial Strategy. He is also chair of the Audit and Risk Assurance Committee.

Johnson’s spokesperson said the review would examine “issues of supply chain finance and the role Greensill played” as well as “the way contracts were secured. Engagement with businesses, including the private lobbying by Cameron, will be covered by the Boardman inquiry.”

Boardman, an experienced lawyer, was chosen by Number 10 as “an experienced person to lead this independent review”. It is unknown whether he will have legal powers to compel evidence, but government sources confirmed he would have access to official papers.

The formal terms of reference for the Boardman inquiry will be published on Monday. Downing Street did not say when the review would be published but the spokesperson said Johnson wanted the review to be “done thoroughly and promptly”.

Johnson’s move to commission an investigation into the conduct of Cameron, his predecessor but one in Downing Street, is unprecedented in recent times. Whitehall insiders also expressed surprise at the wide remit of the inquiry, with one official describing it as “a bit of a mess”.

The opposition Labour party accused the Conservatives of “another cover-up” and said the party “can't be trusted to yet again mark their own homework”.

Rachel Reeves, the shadow Cabinet Office minister, said: “Just as with the inquiry into Priti Patel's alleged bullying, this is another Conservative government attempt to push bad behaviour into the long grass and hope the British public forgets.”

She added: “We need answers on Greensill now — that means key players in this cronyism scandal like David Cameron, Rishi Sunak and Matt Hancock appearing openly in front of parliament as soon as possible to answer questions.”

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Tue Apr 13, 2021 9:35 pm

Greensill Capital lobbying row deepens as it emerges top civil servant worked for firm while at Cabinet Office

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A senior civil servant worked for Greensill Capital - the financial firm at the centre of the David Cameron lobbying row - while still employed in Whitehall, it has been revealed.

Questions have now been asked about why Bill Crothers did not consult a Whitehall watchdog before joining Greensill as a director.

He began working for the company in an advisory role in September 2015 and did not leave his job as government chief commercial officer at the Cabinet Office, in charge of billions of pounds worth of government contracts, until November that year - during Mr Cameron's time as prime minister.

Less than 10 months later, Mr Crothers became director of the recently-collapsed finance firm.

Sky News understands Boris Johnson is "personally concerned" about the development and the Cabinet Office has confirmed its review into Greensill's relationship with government officials will "consider the issues raised so the public can judge whether they were appropriately handled at the time".

The latest revelation came following correspondence between the Advisory Committee on Business Appointments (ACOBA) and the Cabinet Office.

Lord Pickles, chair of ACOBA, has today written to Alex Chisholm, chief operating officer of the civil service, to ask why Mr Crothers did not seek advice about joining Greensill.

According to the Cabinet Office, Mr Crothers did not need to consult ACOBA on his appointment at Greensill once he had left the civil service - as is usual for former ministers and top officials taking on private-sector roles - because he "was already working in an advisory capacity to Greensill before he left the civil service".

The Cabinet Office had allowed him to advise Greensill part-time for his final three months at the civil service.

The revelation is likely to prompt a fresh round of questions about the links between Greensill Capital and senior ministers and officials, which Prime Minister Boris Johnson has already ordered a top lawyer to investigate.

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby rebbonk » Wed Apr 14, 2021 12:23 am

Sunak seems to have gone to ground? - Something to hide? :lol:
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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Tue Apr 27, 2021 6:56 pm

Calls for rescue of Coventry manufacturer after jobs put at risk

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A Coventry MP today called for the government to “step-in now” to “guarantee the future” of manufacturer Liberty Pressing Solutions.

The company, based in Willenhall, is part of the Liberty Steel Group, which is at risk after the collapse of its main financial backer, Greensill Capital.

Speaking in the House of Commons during Treasury Departmental questions, Zarah Sultana, Labour MP for Coventry South, said: “The threat of the company’s collapse risks losing good, skilled, unionised jobs in Coventry and across the country.

"This would be a disaster for the city and British manufacturing.”

Arguing that the government should “take action” before the company goes bust, which would “risk workers’ jobs and terms and conditions”, Ms Sultana called on the government to “step-in now, with all options on the table, including bringing the business into public ownership".

The Treasury Minister responding to Ms Sultana, Kemi Badenoch MP, replied that “it would not be appropriate to comment on individual companies” but that “we are monitoring developments around Liberty and continue to engage closely with the company, the broader UK steel industry and trade unions.”

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Re: Pension funds risk huge losses as Greensill rescue hopes fade...

Postby dutchman » Fri Jul 09, 2021 6:14 pm

Greensill given access to Covid loans without detailed checks, watchdog reveals

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The collapsed finance firm Greensill Capital was given access to a government-backed loan scheme without being subjected to detailed checks, leaving UK taxpayers facing a £335m loss, Whitehall’s spending watchdog has found.

The National Audit Office said the government-owned British Business Bank [BBB] carried out limited due diligence on the firm’s application before giving permission to access the Coronavirus Large Business Interruption Loans Scheme (CLBILS).

In a report released on Wednesday, bank officials said they were also subjected to “unusual” levels of interest from the Department for Business, Energy & Industrial Strategy [BEIS] during the accreditation process, as ministers hoped that Greensill’s loans could halt the collapse of Sanjeev Gupta’s steel empire.

The bank stopped Greensill’s access to the loan scheme after discovering that six of the seven loans handed out by Greensill Capital went to Gupta’s firms on the same day, the report revealed.

Greensill Capital collapsed into administration in March, putting thousands of jobs at risk and triggering an international political and financial scandal.

The supply chain finance firm is the focus of a Whitehall inquiry after it emerged that its adviser and shareholder, the former prime minister David Cameron, lobbied current ministers including the chancellor, Rishi Sunak, for access to another government-backed loan scheme.

Auditors examined the bank’s decision to allow Greensill to access business support schemes, which were set up to give struggling firms swift access to financial assistance during the Covid-19 crisis.

Labour said the NAO report should prompt further examination of why officials and ministerial advisers took such a close interest in Greensill, and demanded to know if ministers were behind their “unusual” interest in the bank.

Seema Malhotra, the shadow business minister, said: “It’s crucial we get to the truth about the decision to accredit Greensill to the CLBILS loan scheme and the company’s relationship with GFG Alliance. This decision meant hundreds of millions of pounds of taxpayers’ money was put at risk. The government must come clean.”

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