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We have discovered that greensill allowed 11 of mr gupta s companies to borrow against invoices that didn t exist. another gfg company, liberty commodities, was supposed to provide actual invoices for sales that had already happened. but earlier this year, it was reported that six of the invoices might be forgeries. these invoices, they say, you know, sanjeev gupta s company sold this amount of metal to this company on this date, you know, black and white it s pretty clear. we contacted some of these companies and many of them said, we ve never traded with sanjeev gupta. you know, not even that this specific invoice is incorrect, sort of, we ve never done business with him at all. sanjeev gupta said the story was misleading and damaging. but panorama has obtained more invoices his company submitted to greensill. ....
Richer and richer and richer. by 2020, almost two thirds of greensill capital s income was based on invoices that didn t exist. and david cameron was profiting from the dodgy loans. mr cameron s spokesman told us he d carried out adequate due diligence beforejoining greensill. he wasn t a director of greensill and had no executive or board responsibilities whatsoever. ....
To promote the company. switzerland, australia, singapore, the usa, saudi arabia. the list goes on. this wasn t a passive role that david cameron played in the company. he was sort of an emissary of influence, flying around the world, sort of dazzling the great and good, on lex greensill s behalf. with david cameron on board, greensill capital attracted billions from investors. their money was supposed to be safe, because the investments were backed up by unpaid invoices. investors thought they would get their money back with interest when the invoices were eventually paid. ....
In some cases, and i m gonna make them magically profitable and at the same time i m gonna make them green. mr gupta s business the gfg alliance now employs 35,000 people around the world. including more than 4,000 at steel mills in the uk. he s become a key player in one of our most important industries. it s so remarkable what mr gupta has achieved here in ensuring a future for this steel mill. he grew his business by borrowing $5 billion dollars from greensill capital. once again, the cash came from investors who thought their money was secured against real invoices. but once again, that wasn t always true. ....
Having an ex prime minister is a great way to open doors. he played a really crucial role in getting greensill in front of the right sort of people, which meant that they could get access to more money, more funding, big investors. and in the end, it turns out the company was clearly very, very problematic. the problem was the invoices. while most were real, some simply didn t exist, so they could never be paid. investors didn t know, and billions of dollars of their cash had been put at risk. this is bluestone resources. it s a coal company, owned by the governor of west virginia, jim justice ii. ....