David Cameron denies £7m Greensill pay packet
DAVID Cameron yesterday denied getting a £7million shares and salary pay packet from financial firm Greensill Capital before it collapsed.
The BBC’s Panorama programme claim he made around $10million before tax for two and a half years’ work as a part-time adviser.
The former Prime Minister is reported to have received £3.25million after cashing in Greensill shares in 2019.
But the ex-Tory leader’s spokesman said: “David Cameron did not receive anything like the figures quoted by Panorama.”
Criticism
The spokesman also called the issue of Mr Cameron’s pay a “private matter” and emphasised that inquiries had confirmed “he broke no rules” during his dealings with Greensill.
The details released about Mr Cameron’s earnings follow criticism of his attempts to lobby senior ministers on the company’s behalf.
Greensill, the main backer of troubled Liberty Steel, went into administration in March.
Details of Mr Cameron’s shares were revealed in a letter addressed to him from Greensill Capital, which states that Mr Cameron was going to be paid $4,569,851.60 after tax for the first tranche of his Greensill shares and had agreed to this deal.
Additionally, Panorama claimed Mr Cameron was paid a bonus of $700,000 in 2019 on top of his $1million salary. In total, it says he made around $10million, before tax, in two and a half years. The programme said the collapse of Greensill, founded by Australian businessman Lex Greensill and which Mr Cameron promoted, has left investors and UK taxpayers facing big losses.
It lent around $5billion to GFG Alliance – a group of companies controlled by steel magnate Sanjeev Gupta – which employs 35,000 people globally, including 4,000 at UK steel mills.
Documents appear to show by the start of 2020, Greensill knew GFG was struggling financially. But Greensill is alleged by Panorama to have used its own cash to cover loan repayments for GFG, with investors remaining unaware of the problem.
An email written by a Greensill finance officer to a senior manager in April 2020 said unusual payments had been going on for four months, noting: “It is not even robbing Peter to pay Paul, it is just recirculation of Greensill funds.”
A second email, sent at the beginning of May, suggested an insolvency practitioner should be carrying out a review of GFG. Instead of raising the alarm about GFG, Greensill sought government help.
Mr Cameron’s spokesman added: “David Cameron deeply regrets that Greensill went into administration and is desperately sorry for those who lost their jobs…he has no special insight into what ultimately happened.
REMEMBER the Greensill Capital case, where former PM David Cameron attempted to lobby senior ministers on the company’s behalf? Then the company collapsed in March, and we may have thought that was that. Now the BBC’s Panorama has claimed that Mr Cameron earned rather a lot of money from Greensill over this period – a cool £7million.
A spokesman for Mr Cameron has denied that the ex-PM earned anything like that. But it is likely he was well rewarded for his work with the company.
One must accept that being an ex-PM is a highly bankable asset, and that Mr Cameron is allowed to conduct private business. But his effort to cajole the Government against the background of significant private gain reflects badly on our former leader.