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)


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

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us