'..The Department for Business and its lending arm, the British Business Bank, were responsible for disbursing these funds to Greensill, so it’s also a mystery why officials from these bodies weren’t called as witnesses by the Treasury Committee as part of the inquiry.''Senior officials at the Treasury and the Bank of England — guardians of the U.K. economy and financial stability — did little to prevent Greensill from tapping funds, some of which were funneled into dicey loans. The supervisors were aware of Greensill’s questionable operations and its links to troubled companies controlled by steel magnate Sanjeev Gupta. And one state-backed loan scheme did turn down Greensill on eligibility grounds.
Nevertheless, the firm was able to use a different government scheme to loan 400 million pounds ($568 million) of taxpayer-backed funds to Gupta’s companies that may never be repaid. The Department for Business and its lending arm, the British Business Bank, were responsible for disbursing these funds to Greensill, so it’s also a mystery why officials from these bodies weren’t called as witnesses by the Treasury Committee as part of the inquiry.
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Given all the red flags, you’d have hoped that that any activity related to Gupta’s companies and their financing would have been reviewed scrupulously by all U.K. government entities from that point forward.
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That old Watergate question — who knew what and when? — needs answering when examining the access to government enjoyed by Greensill and Gupta. Some powerful figures in British economic policy and supervision missed or ignored warning signals. It hardly inspires confidence.'
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The Greensill Scandal Isn't Quite Done Yet, June 2, 2021
Context(Ethics) - '..fighting corruption..' - Biden