Investigations into the auditors of Greensill Capital and Wyelands Bank have been launched, the UK’s accountancy regulator announced on Monday. The Financial Reporting Council (FRC) said its Enforcement Division had started an investigation into accounting firm Saffery Champness in relation to its audit of the financial statements of Greensill Capital (UK) Limited for the year ending Dec. 31, 2019, following a decision to investigate on June 15. Greensill Capital, a supply chain finance company that filed for insolvency protection in March, has faced scrutiny over the roles played by its advisers including former Prime Minister David Cameron in lobbying the government during the CCP (Chinese Communist Party) virus pandemic. The lender also reportedly funnelled cash from the government’s Coronavirus Large Business Interruption Loan Scheme to companies owned by steel tycoon Sanjeev Gupta, according to the Financial Times. In a separate announcement, the FRC said it’s investigating PwC in relation to its audit of the consolidated …
Originally found on the Epoch Times Read More
