Labour urges Whitehall chief to examine David Cameron lobbying claims
March 26, 2021, 12:26 pm

Labour urges Whitehall chief to examine David Cameron lobbying claims

The registrar in charge of enforcing lobbying laws has launched a formal investigation into David Cameron’s alleged lobbying efforts.

Opposition accuse government of lack of transparency over dealings with Greensill Capital Labour

Labour has demanded that the cabinet secretary, Simon Case, investigate “serious concerns” about David Cameron’s efforts to lobby Whitehall officials on behalf of the collapsed lender Greensill Capital.

The shadow chancellor, Anneliese Dodds, and shadow Cabinet Office minister, Rachel Reeves, accused the government of a lack of transparency and called for an “urgent and thorough” inquiry.

In a letter to Case, they said the investigation should focus on the decision to authorise Greensill as a lender for the government’s second largest Covid loans scheme, and the role played by the former prime minister, who was an adviser and shareholder in the firm that collapsed this month.

Cameron reportedly contacted the chancellor, Rishi Sunak, on his private phone last April in the hope of securing special access to hundreds of thousands of pounds of emergency Covid loans for Greensill through the coronavirus corporate financing facility (CCFF).

Treasury officials reportedly rebuffed Cameron and Greensill’s requests. Granting Greensill access to the 100% government-backed CCFF would have meant bending the rules, since lenders are not meant to borrow money through the programme.

However, Greensill was later authorised to hand out loans to its customers through two other Covid programmes including the coronavirus large business interruption loan scheme (CLBILS), which came with an 80% government guarantee.

On top of Cameron’s personal lobbying efforts, public records show Greensill held 10 virtual meetings with senior Treasury officials between March and June last year.

“That is far more contact than any other CLBILS lender, and at least one of those meetings appeared to take place at the chancellor’s personal request,” the Labour letter said. “Given that Greensill was allowed to make state-backed loans of up to £50m a time, and subsequently collapsed and put considerable sums of public money at risk, it is vital there is complete transparency around the process that led to the bank’s approval.”

On Wednesday it emerged that the registrar in charge of enforcing lobbying laws had launched a formal investigation into Cameron’s alleged lobbying efforts. Labour wants to up the pressure by urging Case, Whitehall’s most senior civil servant, to begin his own inquiry.

They said the issue was “all the more urgent and important” given there was no record of Cameron’s alleged actions in the government’s lobbying register, and they added: “It is vital there is complete transparency around the process that led to the bank’s approval.”

Case was urged to investigate six questions, including whether Cameron used any of the £115,000 allowance of public money granted to former prime ministers to lobby for Greensill, and whether Sunak arranged any of the 10 meetings Treasury officials are said to have had with Greensill.

Labour also asked him to look into why Cameron was not registered on the lobbying register and whether enough due diligence had been conducted to look at Greensill’s “financial health”.

Cameron said in 2010 that lobbying was “the next big scandal waiting to happen” in the wake of the scandal over MPs’ expenses.

Meanwhile, fears have grown about the fate of Liberty Steel, which owed Greensill about £3.6bn, according to the Financial Times.

Lucy Powell, a shadow business minister, said in the Commons on Thursday that steel customers, suppliers and workers connected with the firm needed to know “whether the government will step in if Liberty fails to refinance”.

Kwasi Kwartneg, the business secretary, told her it would “not necessarily be appropriate for me to comment on commercially sensitive matters at this stage”, but he vowed that the government was continuing to “follow developments very closely”.

He added: “I have seen a strong and united commitment across management, across the unions and certainly among officials in my department. I have seen a united commitment to the workforce and our steel industry.”

Kwarteng refused to be drawn on whether nationalisation was an option, saying: “It is not appropriate now, given where we are, for me to disclose anything of that kind.”

When the Labour MP Sarah Champion pushed him to agree to Labour’s call for UK steel to be used in all national infrastructure projects, he would only say he was “seeing what we can do”.

Greensill’s administrators, Grant Thornton, declined to comment.

A government spokesperson said: “There is a robust and independent accreditation process in place for lenders seeking to access the coronavirus business lending schemes.

“Senior officials and ministers routinely meet with a range of private sector stakeholders and the government received many representations from the entire spectrum of British business during the pandemic.

“HM Treasury considered the representations made by Greensill Capital on amending the Covid Corporate Financing Facility. A decision was taken not to provide the support requested”. Labour

source: Aubrey Allegretti

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.