Auditors for Greensill Capital and Sanjeev Gupta-linked bank face investigation

Support us and go ad-free

The UK’s accounting regulator has opened an investigation into Saffery Champness over its audit of Greensill Capital. The latter has faced scrutiny over the role its advisers, including former prime minister David Cameron, played in lobbying the government during the pandemic.

The Financial Reporting Council (FRC) will also investigate accounting giant PwC in relation to its audit of Wyelands Bank. The bank, which went bust earlier in 2021, is owned by steel tycoon Sanjeev Gupta, to whom Greensill Capital was a major lender.

The watchdog will investigate PwC in relation to its audit of the bank for the year ending April 30 2019.

GreensillFormer prime minister David Cameron has faced scrutiny for his role as an advisor to Greensill Capital (Victoria Jones/PA)

Greensill-Gupta-Wyelands

As of May, Gupta was already under investigation by the Serious Fraud Office (SFO). This was over suspected money laundering and fraudulent trading, as well as financing arrangements with Greensill Capital.

Wyelands Bank was forced by the Bank of England to repay all depositors £210m due to concerns over how it was funding Gupta’s company GFG Alliance.

Read on...

Support us and go ad-free

Wyelands is currently on the verge of collapse after Gupta said he was pulling funding from the bank. He had handed them a £75m loan a year earlier.

Support us and go ad-free

Do your bit for independent journalism

Did you know that less than 1.5% of our readers contribute financially to The Canary? Imagine what we could do if just a few more people joined our movement to achieve a shared vision of a free and fair society where we nurture people and planet.

We need you to help out, if you can.

When you give a monthly amount to fund our work, you are supporting truly independent journalism. We hold power to account and have weathered many attempts to shut us down and silence the counterpoint to the mainstream.

You can count on us for rigorous journalism and fearless opposition to an increasingly fascist government and right wing mainstream media.

In return you get:

  • Advert free reading experience
  • Behind the scenes monthly e-newsletter
  • 20% discount from our shop

 

The Canary Fund us