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The British Business Bank had granted Greensill the ability to make 400 million pounds ($551 million) of loans with guarantees from the U.K. government under a pandemic relief program.
A combined 350 million pounds was extended to companies in the GFG Alliance, including six loans totaling 300 million pounds on a single day in September 2020, the audit office said, citing a British Business Bank review.
Greensill collapsed in March after a key partner refused to extend crucial trade credit insurance that backed loans it made to a number of borrowers. The proximity of both Greensill and Gupta to parts of the U.K. government then came under the spotlight. There are at least 10 inquiries and investigations into the affair, some of which revolve around lobbying and access to powerful decision makers in the British establishment.
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