SFO launches money laundering probe into Gupta family over ties to Greensill Capital
GFG Alliance said it will cooperate fully with the investigation.
The Serious Fraud Office (SFO) said this morning it is launching an investigation into the Gupta Family Group Alliance.
“The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.,” the watchdog said in a statement shared with
City A.M.
“As this is a live investigation, the SFO can provide no further comment,” it added.
BBC News
Published
media captionDavid Cameron was challenged over his lobbying for Greensill
David Cameron has said he was paid far more as a part-time adviser to now-collapsed Greensill Capital than when he was prime minister.
He told MPs he had had a big economic investment in the finance company, including shares.
But he insisted he was not motivated by money when he lobbied ministers on behalf of the firm - and he believed he had acted in the national interest.
Mr Cameron was paid £150,402 a year when he quit as prime minister in 2016.
Speaking via video link to the Treasury Select Committee, he repeatedly declined to reveal his exact salary at Greensill, which he joined two years after leaving Downing Street, calling it a private matter .
David Cameron denies speaking to Lex Greensill about future job while Prime Minister
David Cameron went on to work for failed Greensill Capital after his term in Downing Street, leading to allegations there had been a quid pro quo arrangement between the pair. (Parliament TV)
David Cameron has denied he spoke with Lex Greensill about one day working for his supply chain finance firm while he was Prime Minister.
Greensill, an Australian former investment banker, worked as an adviser in the Cabinet Office from 2011 while Cameron was Prime Minister.
Cameron went on to work for now failed Greensill Capital after his term in Downing Street, sparking allegations there had been a quid pro quo arrangement between the pair.
David Cameron, former Prime Minister DAVID Cameron has blamed a spellcheck error after he faced questions over a text message which appeared to indicate advance knowledge of a planned interest rate cut. The former prime minister sent a text message to Treasury mandarin Sir Tom Scholar on March 6, 2020 saying he “never quite understood how rate cuts help a pandemic” with the following sentence redacted. The message – signed “love Dc” – was sent five days before the Bank of England slashed interest rates from 0.75% to 0.25% in response to the pandemic. Any leaking of such market-sensitive information would be highly damaging. Mr Cameron told the Treasury Select Committee he was “rather baffled” by the message.
FCA looked at Greensill two months before its collapse
The City regulator started to examine supply chain finance firm Greensill months before its collapse, it has emerged.
The head of the Financial Conduct Authority told MPs on Wednesday that the regulator had had “very detailed preparatory thinking going on during January and February” before Greensill’s collapse in March.
Greensill Capital was the brainchild of former Citigroup and Morgan Stanley financier Lex Greensill and received backing from Softbank’s Vision Fund.
It specialised in supply chain finance and claimed to lower costs before grabbing headlines after crashing into insolvency in March.