David Cameron denies receiving £7 million from a bankrupt financial enterprise.
DAVID Cameron denied receiving £7 million in shares and a salary package from financial firm Greensill Capital before it went bankrupt yesterday.
According to the BBC’s Panorama series, he earned roughly $10 million before taxes for working as a part-time adviser for two and a half years. After cashing in Greensill shares in 2019, the former Prime Minister is said to have received £3.25 million. “David Cameron did not get anything like the amounts stated by Panorama,” said the ex-Tory leader’s spokesman.
Mr Cameron’s remuneration was also described as a “private affair” by the spokesman, who added that checks had revealed that “he infringed no regulations” in his relations with Greensill.
Mr Cameron’s profits were revealed after he was chastised for attempting to lobby top ministers on the company’s behalf.
In March, Greensill, the beleaguered Liberty Steel’s principal sponsor, filed for bankruptcy.
Mr Cameron’s shares were revealed in a letter from Greensill Capital to him, which stated that he would be paid $4,569,851.60 after tax for the first tranche of his Greensill shares and that he had agreed to this agreement.
Mr Cameron was also allegedly granted a $700,000 bonus in 2019 on top of his $1 million salary, according to Panorama. He made roughly $10 million before taxes in two and a half years, according to the report. According to the documentary, the bankruptcy of Greensill, a company formed by Australian businessman Lex Greensill and pushed by Mr Cameron, has left investors and UK taxpayers with significant losses.
It gave GFG Alliance, a consortium of companies headed by steel mogul Sanjeev Gupta, a $5 billion loan. GFG Alliance employs 35,000 people worldwide, including 4,000 at UK steel mills.
According to documents, Greensill was aware of GFG’s financial difficulties by the beginning of 2020. Greensill, on the other hand, is accused by Panorama of using its own funds to cover GFG loan obligations, while investors were uninformed of the crisis.
Unusual payments have been going on for four months, according to an email written by a Greensill financial officer to a senior management in April 2020, noting: “It is not even robbing Peter to pay Paul, it is merely recirculation of Greensill funds.”
A second email, received at the beginning of May, proposed that GFG be reviewed by an insolvency practitioner. Greensill requested government assistance rather than raising the alarm about GFG.
“Brinkwire Summary News,” said Mr Cameron’s spokesman.