Practice Regulation

Treasury Committee launches Greensill Capital inquiry

The committee has agreed in principle to open the inquiry on the week commencing 19 April, where it will also publish its full terms of reference

The Treasury Committee has revealed that it is set to launch an inquiry into the lessons to be made from the collapse of Greensill Capital.

The committee has agreed in principle to open the inquiry on the week commencing 19 April, where it will also publish its full terms of reference.

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Mel Stride MP, chair of the group, said: “The Treasury Committee had previously decided to carefully consider these issues as part of its regular and upcoming evidence sessions with HM Treasury and its associated bodies, including the Financial Conduct Authority and Bank of England.

“In addition to this, we have now decided to take a closer look by launching an inquiry to investigate the issues that fall within our remit. We will publish further details when we launch the inquiry officially next week.”

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A raft of investigations have now been launched into the Greensill situation and how lobbying is carried out in government, including a Cabinet Office review of the Lobbying Act itself.

Moreover, last month it was reported in the Sunday Times that Grant Thornton, Greensill’s appointed administrator, had been accused of operating with a conflict of interest between its insolvency and advisory divisions when handling the administration.

In response, a spokesperson for the professional services group said: “Prior to accepting our appointment as administrators to Greensill Capital (UK) Limited, we gave careful consideration to the code of ethics relating to such matters and satisfied ourselves that there is no threat to our independence as a result of any prior relationships. 

“Moreover, in line with the administrators’ statutory obligations and standard reporting processes, any relevant prior relationships will be disclosed to creditors in due course.”

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