News / Politics

Former PM David Cameron made ‘$10 million’ profit from Greensill Capital

Tuesday, 10 August 2021 3:58 PM [ Last Update: Tuesday, 10 August 2021 4:00 PM ]

David Cameron (L) was working closely with Greensill Capital founder Lex Greensill (R) in actively promoting the troubled lender immediately before its collapse

In the latest development on the Greensill Capital scandal, it has been revealed that former Tory Prime Minister, David Cameron, profited a staggering $10 million (circa £7 million) from the troubled lender before its collapse.

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According to documents obtained by the BBC Panorama program, the former PM received $4.5 million after selling Greensill shares in 2019.

Cameron made another $5.5 million in annual salaries and a lump sum bonus of $700,000.

BBC Panorama has also learnt that Cameron went to great lengths to promote the troubled lender to investors barely two years before the troubled company’s collapse.

Cameron, who was PM from 2010 to 2016, appeared with the company’s founder, Lex Greensill, at an event hosted by the Swiss bank Credit Suisse in 2019.

Credit Suisse was actively marketing and selling Greensill investments at the time, advising potential investors they were low risk.

It is not clear if the Swiss bank was actively deceiving investors or was simply unaware of the turmoil at the heart of Greensill’s operations and finances.

Greensill, which specialized in lending money to businesses, went into administration in March 2021, leaving investors facing massive losses amounting to billions of pounds.

The trigger point for the troubled lender’s collapse came when its insurer refused to renew cover for the loans it was extending to its clients.

While Cameron has been cleared of breaching lobbying rules, a group of influential MPs have accused him of demonstrating “significant lack of judgment” by actively promoting a collapsing company.