Watchdog: 'No evidence' Greensill supply-chain finance had any benefit

Report comes after company's collapse in March 2021

Elliot Gulliver-Needham
clock • 2 min read
Watchdog: “No evidence” Greensill supply-chain finance had any benefit
Image:

Watchdog: “No evidence” Greensill supply-chain finance had any benefit

A new report from the National Audit Office has found “no evidence” that the predicted benefits and savings from Greensill Capital’s supply-chain finance scheme for pharmacies were realised.

The report comes following an investigation into Greensill Capital, which once claimed to be the UK's most valuable financial technology company, that began after its collapse in March. It analyses two schemes provided by the company, supply-chain financing for pharmacies and a salary advance scheme for NHS employees, finding that both schemes failed to provide any benefits. The news came after the founder claimed before the Treasury Select Committee in May that the company had "saved the taxpayer over £100m a year". The company was founded by Lex Greensill, who served as an advisor t...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Trustpilot