The UK accountancy watchdog has launched an investigation into the auditors of Greensill Capital, the collapsed monetary agency which counted David Cameron as an advisor.
Saffery Champness checked Greensill’s books earlier than it went bust earlier this yr. The Monetary Reporting Council (FRC) stated it was trying into Saffery Champness’s audit of Greensill’s 2019 accounts.
A probe has additionally begun into Huge 4 accountancy agency PwC over their audit of Wyelands Financial institution, a lender owned by metal tycoon Sanjeev Gupta. Greensill Capital was a key lender to Mr Gupta’s enterprise empire.
Greensill’s demise in March raised considerations about the way forward for Mr Gupta’s GFG Alliance, which owns the UK’s Liberty Metal.
It has additionally shone a highlight on Westminster lobbying after it emerged that Mr Cameron unsuccessfully pressed authorities ministers and senior civil servants for taxpayer-backed loans beneath emergency schemes launched through the pandemic.
In Could, the Critical Fraud Workplace introduced an investigation into “suspected fraud, fraudulent buying and selling and cash laundering in relation to the financing and conduct of the enterprise of corporations throughout the Gupta Household Group Alliance, together with its financing preparations with Greensill Capital”.
Wyelands Financial institution is now near collapse after Mr Gupta stated he was pulling funding. Chief government Stephen Rose is looking for potential traders in an effort to save lots of the lender.
The board stated that it expects the financial institution shall be “wound up on a solvent foundation” if it can’t discover new backers.
A spokesperson for Saffery Champness stated: “As skilled accountants we owe an obligation of confidentiality to current and former shoppers and, with this matter the topic of investigation, it might not be acceptable to remark at the moment save to say that Saffery Champness will after all be co-operating totally with the FRC.”
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