Six of the seven loans that Greensill Capital gave to Sanjeev Gupta’s business empire were provided on the same day, new documents show.The six loans could cost the taxpayer up to £240 million and were so concerning to officials that they paused all government-backed lending by Greensill just days later. During the COVID-19 pandemic the government said it would back loans to large companies under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Accredited lenders, among them Greensill, were allowed to provide loans of up to £50 million ($69 million) to companies. But without special permission they were banned from giving more than £50 million to a group of businesses by lending to different subsidiaries. This was made clear to Greensill in May when the British Business Bank explained—using a different steel company as an example—that, “British Steel would be one group with a £50 million limit, and it is …
Originally found on the Epoch Times Read More
