The bills for lawyers and administrators to wind down Greensill Capital’s UK business are expected to come in at more than £30m for their first year of work alone, new filings show.Insolvency experts from Grant Thornton, which was appointed as administrator, have been charging £562 an hour, and racked up £2.9m in fees by mid-April.
(Reuters) - Greensill Capital's UK business had $17.7 billion in assets under management at March 8, of which $3.7 billion has been collected as of April 16, its administrators Grant Thornton said on Friday.The supply chain finance firm, which lent money to firms by buying their invoices at a discount, collapsed in March 2021 after insurers pulled their cover.
Britain's former prime minister David Cameron and financier Lex Greensill will face long-awaited questions from lawmakers next week about claims of improper government lobbying, parliament said Friday.Cameron advised the Australian businessman's firm Greensill Capital and sought government support for the stricken company last year by texting finance minister Rishi Sunak, bypassing official channels.
Gupta's Liberty Steel in talks over £200m lifeline to save its 12 UK steel plants and safeguard 3,000 jobs
Liberty Steel is in talks to secure a £200million cash lifeline that could keep its 12 plants and 3,000 employees in the UK safe until it can raise more money.The company, run by tycoon Sanjeev Gupta, is in discuss- ions with California-based investment group White Oak Global Advisors.
The Indian-owned steel company is trying to deal with the loss of its main lender, Greensill Capital Embattled steel firm Liberty has appointed four new directors and is considering the sale of parts of the company as it tries to deal with the collapse of its main lender, Greensill Capital.
Ex-prime minister David Cameron has 'all but abandoned' plans for a £750million UK-China investment fund amid rapidly cooling relationship between London and Beijing
As prime minister, David Cameron hailed a new 'golden era' of financial relations between the UK and China as he went for a pint with President Xi.But the thaw between the Communist Eastern giant and capitalist West he envisioned in 2015 has failed to materialise, leaving him facing another lost opportunity to make millions.
The steel magnate Sanjeev Gupta could be summoned in front of MPs after the parliamentary business committee launched a formal inquiry into Liberty Steel following the collapse of its largest lender, Greensill Capital.The business, energy and industrial strategy (BEIS) committee is the fourth parliamentary committee to launch an inquiry linked to Greensill’s failure.
Business select committee will investigate the impact of the lender's failure on GFG Alliance, which owns Liberty Steel Sanjeev Gupta is expected to be hauled in front of a parliamentary inquiry after MPs announced an investigation into the impact of the Greensill Capital collapse on the steel tycoon’s empire.
At the turn of the new year, just weeks after Greensill Capital was trying to convince investors it was worthy of a multibillion-dollar stock market debut, US court filings show its executives were engaging in “increasingly frantic conduct” as they scrambled for cash.Among them was Greensill’s vice-chairman, Roland Hartley-Urquhart, who court documents claim was chasing a large borrower for emergency payments and additional fees.
A new inquiry will be launched into civil servants taking second jobs, likely leading to officials facing tougher scrutiny after the Greensill scandal, the Guardian has learned.Simon Case, the cabinet secretary, is due to announce the move at his appearance in front of a parliamentary committee on Monday, after an audit of how widespread the problem is across Whitehall.
Davis Cameron's name used to promote disgraced financier Lex Greensill's company to the NHS just four months before its collapse
Davis Cameron's name was being used to promote disgraced financier Lex Greensill's company to the NHS just four months before its collapse, The Mail on Sunday can reveal.Greensill Capital, which filed for insolvency in March, was touting Cameron as its senior adviser as recently as November, according to confidential documents.
Greensill Capital was 'considering a £22bn stock market flotation' which would have landed ex-PM David Cameron 'a nine figure windfall'
Greensill Capital was reportedly considering a £22billion stock market flotation that could have landed former prime minister David Cameron £200million.It came just weeks before Mr Cameron launched an intense lobbying campaign to garner government support for Greensill.The £22billion figure, which dwarfed previous estimates, was revealed by its bankers Credit Suisse in a presentation for the company's board, the Guardian reported.
Metals magnate Sanjeev Gupta faces a parliamentary inquiry into the crisis at Liberty Steel.MPs on the House of Commons business committee want to examine why the steel maker was pushed to the brink of collapse after the largest lender to Gupta's business empire went bust in March.
David Cameron is at the centre the UK’s largest lobbying scandal in a decade.Through emails, text messages and meetings, the former prime minister relentlessly pushed government and central bank officials on behalf of Greensill Capital – even as the pandemic unfolded.The key moments include: David Cameron becomes “part-time” special adviser to Greensill Capital, a supply chain finance firm.
Greensill Capital was considering a £22bn stock market flotation – a figure that dwarfs previous estimates and implied a potential nine-figure windfall for its adviser David Cameron – only weeks before the former prime minister’s intensive government lobbying.The new figure is revealed in a presentation for the company’s board in late January 2020 by its bankers Credit Suisse, which outlined plans to position “Greensill for a premium valuation”, described the lender as a “once in a generation” company that “any growth investor must own”.
Heavily redacted emails, texts and documents laying out Mr Cameron's contact with ministers on behalf of his employer Lex Greensill were sneaked out last night Dozens of heavily redacted emails, texts and documents laying out David Cameron's contact with ministers on behalf of his employer Lex Greensill were sneaked out last night.
Boris Johnson has told ITV News that the government is talking daily to management at Liberty Steel over financial issues.Liberty Steel employs nearly 2,000 workers at sites in Rotherham, Stocksbridge, and Scunthorpe.It has 5,000 workers across its 12 UK sites.Concerns over the future of the company were raised after financial backer, Greensill Capital, went bust.
Archbishop of Canterbury urges public to show 'forgiveness and compassion' to politicians - and says standards are much higher in Westminster than they used to be
The Archbishop of Canterbury has urged the public to show 'forgiveness and compassion' to politicians amid growing sleaze allegations..But he insisted moral standards are much higher in Westminster than they used to be..The Archbishop, a former oil company executive, said: 'If you're going to raise standards, you need to have a strong ethic of forgiveness and compassion and understanding.