David Cameron DENIES making more than £7million working for Greensill

David Cameron DENIES making more than £7million working part-time for Greensill Capital before controversial finance firm collapsed – as minister Gavin Williamson refuses to criticise his former boss

  • David Cameron worked for the financial services business Greensill Capital
  • Over a two-and-a-half year period he is believed to have made £7.2million
  • Figure obtained from letter between the firm and the former prime minister
  • Greensill collapsed in March after company’s leading insurer walked away
  • Mr Cameron’s role in firm sparked multiple investigations after his approaches to ministers and officials during pandemic

David Cameron has denied claims he made more than £7million from a part-time job working for finance firm Greensill Capital. 

The former Prime Minister was last night accused of raking in a seven-figure figure from his 25-days-per-year role at a company which later collapsed, putting thousands of public sector jobs in jeopardy.

The BBC’s Panorama programme claimed to have discovered documents showing he made £3.25 million after cashing in shares from the company in 2019, and a salary of roughly £700,000 a year for work as a part-time adviser.

Mr Cameron –  who has never revealed how much he was paid – told the programme his remuneration was a private matter.

But after the story broke his spokesman said: ‘David Cameron did not receive anything like the figures quoted by Panorama.’ He declined to give a separate figure. 

It came as a senior minister today refused to condemn the former PM, whose work for Greensill sparked a lobbying row.

He approached senior ministers, civil servants and Bank of England officials on Greensill’s behalf to try to get it involved in Covid business relief schemes. 

But Education Secretary Gavin Williamson, who was once Cameron’s parliamentary private secretary, told the BBC’s Today programme: ‘There have already been two independent inquiries on that. 

‘David Cameron has been absolutely sort of cleared in terms of those inquiries and he has made himself absolutely available … to parliamentary scrutiny, I think that is the right thing for him to do.’   

The former Prime Minister was last night accused of raking in a seven-figure figure from his 25-days-per-year role at a company which later collapsed, putting thousands of public sector jobs in jeopardy. 

Education Secretary Gavin Williamson, who was once Cameron’s parliamentary private secretary, told the BBC’s Today programme: ‘There have already been two independent inquiries on that. David Cameron has been absolutely sort of cleared in terms of those inquiries’

Mr Cameron is believed to have made approximately £7.2million before tax from Greensill – run by Australian businessman Lex Greensill – over a two-and-a-half year period

Panorama obtained a letter between the firm and the former prime minister detailing the value of his shares.

Mr Cameron is believed to have made approximately £7.2million before tax from Greensill – run by Australian businessman Lex Greensill – over a two-and-a-half year period 

The firm collapsed in March this year, after its leading insurer, Tokio Marine, walked away.

Mr Cameron’s role at Greensill then came under the spotlight for his approaches to ministers and former colleagues on behalf of the company, which has put it at the heart of a lobbying row. 

MPs had said Mr Cameron showed a ‘significant lack of judgment’, though he was cleared of breaking lobbying laws. 

Greensill provided so-called supply chain finance to businesses, which meant the finance firm would pay a company’s invoice immediately after it was sent, cutting out the usual delay which can restrict companies’ cash flows.

The firm was the main financial backer to GFG Alliance – a group of companies controlled by the steel magnate Sanjeev Gupta, which borrowed around five billion dollars from Greensill.

But Greensill used its own cash to cover repayments GFG could not afford, according to Panorama.

David Cameron lobbied the UK Government to act as a new investor for the firm, texting ministers including the Chancellor Rishi Sunak, as well as Boris Johnson’s senior adviser Sheridan Westlake, and deputy Bank of England governor Sir Jon Cunliffe.

The Bank of England turned Greensill down, but in June 2020 Greensill was approved as a lender under a Government scheme designed to get emergency cash to companies affected by the Covid pandemic.

Greensill collapsed in March 2021, leading to a series of inquiries into Mr Cameron’s conduct and what had happened to the firm.

It was earlier reported that Mr Cameron had been paid the equivalent of £29,000 per day for his advisor role after the Financial Times revealed he was only contracted to work 25 days a year.

And when he appeared in front of MPs on a select committee in May, Mr Cameron was markedly coy about how much he had earned. 

He said he had been paid ‘a generous annual amount – far more than what I earned as prime minister’. 

Mr Cameron joined Greensill in August 2018. The former politician went on a behind-the-scenes lobbying blitz at the start of the pandemic as the company sought access to a £200million state-backed Covid lending scheme.

Official records revealed that between March and June last year he sent 62 text messages and WhatsApps to Chancellor Rishi Sunak, former friend Michael Gove and other ministers as well as top civil servants and a deputy governor of the Bank of England.

But Mr Cameron insisted it had not been ‘some giant fraud’ and that Greensill had had a ‘really good idea’ for how the Government could help businesses in the pandemic.

When asked whether he had lucrative share options in Greensill, Mr Cameron told the select committee he had ‘shares, not share options’.

He added that reports he had share options worth £60million were ‘completely absurd’. 

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