London Daily

Focus on the big picture.
Friday, Aug 22, 2025

David Cameron fails to respond over Greensill Capital claims

David Cameron fails to respond over Greensill Capital claims

Sources say former PM met with insurance officer named in investigation into now collapsed bank
David Cameron, the former UK prime minister, has not responded to claims that he met with an Australian insurance company employee dismissed over his alleged involvement in underwriting the controversial lending model at the now-collapsed bank Greensill Capital.

Sources have told the Guardian that Cameron, who was an adviser and shareholder in Greensill, travelled to Sydney in 2018 and during his stay met with Greg Brereton, an employee at a small insurance company called The Bond & Credit Co (TBCC). The meeting reportedly took place at the insurer’s offices.

A year later, in July 2019, Brereton was dismissed after being accused by his employers of exceeding his authority by signing off on A$10 billion (£5.6bn) of insurance to cover loans by Greensill to its customers.

Cameron has not responded to requests for comment about the purpose of his visit. There is no suggestion of any wrongdoing by the former Conservative leader. However, the news is likely to spotlight his role an adviser to the now insolvent firm.

Greensill, which lent cash to large businesses so that they could pay their suppliers, made money by packaging and selling loans on to investors. The insurance contracts that Brereton arranged helped ensure the loans were attractive, by signalling that insurers would pay out even if Greensill’s customers ultimately defaulted.

Tens of thousands of jobs are now at risk at Greensill Capital’s corporate clients, which relied on it for finance to pay their suppliers.

Greensill’s biggest single client, GFG Group, owned by British businessman Sanjeev Gupta, is racing against time to refinance some its debt to Greensill Capital so that it can avoid a failure that could devastate communities that depend on steel mills it runs in Britain and Australia.

In early March, documents released by a Sydney court included the allegation that Brereton went too far in servicing Greensill’s need for insurance. Those documents were submitted to Australian courts, as Greensill tried to force TBCC to renew policies covering loans worth A$4.6bn (£2.6bn) which it had made to customers. Greensill was unsuccessful and the insurance lapsed.

The unwillingness of TBCC’s owner, a large Japanese insurer called Tokio Marine & Nichido Fire Insurance, to extend some of the policies that Brereton was alleged to have written has emerged as a prominent factor in Greensill’s collapse. The bank appointed administrators in the UK and Australia, where its head office is located, last week.

On Tuesday, German regulators announced they had started to wind up the firm’s local subsidiary, Greensill Bank, triggering compensation scheme payouts for protected savers who deposited nearly €3bn (£2.6bn) with the lender.

Credit Suisse also warned on Tuesday that it is likely to take a financial hit from Greensill’s collapse. Its clients were among those who invested in Greensill debt. The bank said it has only recovered around $50m (£36m) from administrators so far, linked to a $140m bridging loan it handed to Greensill last year.

Brereton has not responded to efforts to contact him via LinkedIn. Greensill declined to comment on the allegations made in court documents against Brereton.

Tokio Marine declined to answer detailed questions but a spokesman said: “Tokio Marine has examined in detail the group’s relationship with Greensill and can confirm that no changes to the group’s 2020 financial forecast are necessary and that existing guidance remains unchanged.”
Newsletter

Related Articles

0:00
0:00
Close
After 200,000 Orders in 2 Minutes: Xiaomi Accelerates Marketing in Europe
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
William and Kate Are Moving House – and the New Neighbors Were Evicted
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
Taylor Swift on the Way to the Super Bowl? All the Clues Stirring Up Fans
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Apple Expands Social Media Presence in China With RedNote Account Ahead of iPhone 17 Launch
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Cambridge Dictionary Adds 'Skibidi,' 'Delulu,' and 'Tradwife' Amid Surge of Online Slang
Bill Barr Testifies No Evidence Implicated Trump in Epstein Case; DOJ Set to Release Records
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
The CEO Who Replaced 80% of Employees for the AI Revolution: "I Would Do It Again"
Emails Worth Billions: How Airlines Generate Huge Profits
Character.ai Bets on Future of AI Companionship
China Ramps Up Tax Crackdown on Overseas Investments
Japanese Office Furniture Maker Expands into Bomb Shelter Market
Intel Shares Surge on Possible U.S. Government Investment
Hurricane Erin Threatens U.S. East Coast with Dangerous Surf
EU Blocks Trade Statement Over Digital Rule Dispute
EU Sends Record Aid as Spain Battles Wildfires
JPMorgan Plans New Canary Wharf Tower
Zelenskyy and his allies say they will press Trump on security guarantees
Beijing is moving into gold and other assets, diversifying away from the dollar
Escalating Clashes in Serbia as Anti-Government Protests Spread Nationwide
The Drought in Britain and the Strange Request from the Government to Delete Old Emails
Category 5 Hurricane in the Caribbean: 'Catastrophic Storm' with Winds of 255 km/h
"No, Thanks": The Mathematical Genius Who Turned Down 1.5 Billion Dollars from Zuckerberg
The surprising hero, the ugly incident, and the criticism despite victory: "Liverpool’s defense exposed in full"
Digital Humans Move Beyond Sci-Fi: From Virtual DJs to AI Customer Agents
YouTube will start using AI to guess your age. If it’s wrong, you’ll have to prove it
×