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Greensill: British Business Bank’s ‘woefully inadequate’ checks put £335m at risk, say MPs
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Up to £335m of taxpayers’ money could be at risk due to failures by the British Business Bank to properly scrutinise collapsed lender Greensill Capital, according to a new report.
The public accounts committee found that the bank, which oversaw the billions lent to businesses during the pandemic in loans backed by the government, failed to conduct sufficient due diligence.
Politicians also questioned why the bank was “insufficiently curious” about reports that suggested Greensill was close to collapse and said checks on the lender were “woefully inadequate”.
The scandal surrounding Greensill has spread throughout Westminster with allegations the lender was given preferential treatment.
Greensill Capital collapsed in March 2021, triggering a
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