Tory MPs reject inquiry into David Cameron's lobbying for Greensill
March 23, 2021, 12:05 pm

Tory MPs reject inquiry into David Cameron's lobbying for Greensill

The former prime minister is alleged to have contacted Rishi Sunak privately with the aim of securing access to emergency Covid loans.

Former PM will not face scrutiny by Treasury committee following reports he used private channels to lobby on firm’s behalf

David Cameron has drawn criticism from former ministers but escaped official scrutiny by MPs after the Tory-dominated Treasury select committee declined to launch an inquiry into his efforts to lobby government officials on behalf of Greensill Capital.

Parliamentarians have expressed concern over allegations that the former prime minister contacted the chancellor, Rishi Sunak, on his private phone in hopes of securing special access to hundreds of thousands of pounds of emergency Covid loans for the firm, which collapsed this month.

Granting Greensill access to the 100% government-backed Covid corporate financing facility (CCFF) would have meant bending the rules, since lenders are not meant to borrow money through the programme.

Pressure is now growing for the former prime minister to explain his motivations and how much he knew about the lender’s complex business model, which involved lending money to big businesses to pay their suppliers.

The former City minister Lord Myners, who has been raising questions about Greensill for months, said: “David Cameron must have been wearing very effective blinkers to have not had serious suspicions about the Greensill business. He was upfront, he was quite actively involved, and to me, the questions over Greensill’s business were quite evident within an hour or so of meeting the man .”

Meanwhile, the former Lib Dem leader and business secretary Vince Cable called for tighter rules on lobbying by former leaders. “Cameron has done nothing improper. But the rules should be tightened up so that people cannot lobby for commercial interests in areas where they have had ministerial responsibility once they leave office, which is a pretty wide area for ex-PMs. Also, there is a strong case for a register of interests to be more transparent.”

However, MPs on the Treasury select committee have turned down calls for an official inquiry into Greensill’s collapse and Cameron’s lobbying efforts. The issue was raised by the Labour MP and committee member Angela Eagle, who said there was “public interest in being completely transparent about what’s going on with Greensill, and David Cameron’s role in it”.

The committee, which mostly comprises Tory MPs, decided against launching a formal inquiry that could have compelled Cameron and Lex Greensill - an Australian sugar farmer and billionaire banker - to give evidence to MPs.

Cameron’s office did not respond to requests for comment. The Treasury declined to comment.

source: Kalyeena Makortoff

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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.