Greensill Tapped UK COVID Funds Without Detailed Checks

Law360, London (July 7, 2021, 3:23 PM BST) -- The state-owned bank for business development did not carry out detailed checks before approving Greensill Capital, which collapsed in March, for handing out government-backed loans to struggling companies under COVID-19 support schemes, Britain's public spending regulator said on Wednesday.

The National Audit Office, an independent parliamentary body, said that the British Business Bank used a streamlined accreditation process to approve Greensill Capital (UK) Ltd. as a lender under the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme.

The spending regulator has been investigating the role of Greensill in offering loans to businesses on behalf of the...

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