• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Politics

David Cameron set for another bumper private sector payday

Cameron is believed to hold shares in a Bermuda-based software company preparing for a New York stock market listing.

Henry Goodwin by Henry Goodwin
2021-09-01 09:38
in Politics
Former Tory prime minister David Cameron

Former Tory prime minister David Cameron. Photo: PA

FacebookTwitterLinkedinEmailWhatsapp

David Cameron is in line for another bumper private sector payday, as one of his employers considers a stock market listing in New York.

The former prime minister has been a chief adviser to to Afiniti, a Bermuda-based software company, since 2019. He is believed to hold shares in it.

Cameron, 54, was an adviser to collapsed lender Greensill Capital – which entered administration earlier this year. According to the BBC Panorama programme, he received around £7.2 million in cash and benefits over two-and-a-half years.

Those with an interest in Afiniti would stand to profit from a successful listing. According to the Daily Mail, Cameron has a small stake – although the precise size was not disclosed.

The former prime minister was appointed to the company’s board two years ago, with responsibility for “curating and overseeing the strategic guidance” from advisers to top executives.

Greensill

At the time of his appointment, Afiniti said his experience of “leadership through periods of complexity” would be valuable, citing his “personal interest in the potential for artificial intelligence to improve healthcare outcomes, create new growth and jobs, and contribute to wider social and economic prosperity”.

Cameron began his role as an adviser to Greensill in August 2018, just over two years after he resigned as prime minister in July 2016.

The firm’s founder, Lex Greensill, advised the government during Cameron’s time in No 10 but he denied he had been offered a role while in office.

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.

RelatedPosts

Polling suggests Johnson definitely did not win in the court of public opinion, contrary to Rees-Mogg’s remarks

Two thirds do not believe Johnson’s partygate defence, polling suggests

Rishi Sunak’s meeting with Albanian PM prompts a lofty social media reaction

People think Nadine Dorries is in contempt of parliament over TalkTV remarks

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.

‘Lack of judgment’

Cameron lobbied the 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 Cameron’s conduct and what had happened to the firm.

The Treasury Select Committee of MPs said in May that Cameron showed a “significant lack of judgment”, although he was cleared of breaking lobbying laws.

A review commissioned by Boris Johnson, by lawyer Nigel Boardman – a non-executive board member in the business department – said in July Cameron “could have been clearer” about his role with the firm as he lobbied ministers.

But it found the ex-Conservative Party leader “did not breach the current lobbying rules”.

Related: Wetherspoons suffers beer shortages as Brexit batters supply chains

Content Protection by DMCA.com
Tags: David CameronGreensill

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

Elevenses: Fear and Loathing in the New Conservatives

More from TLE

Humans Have Destroyed 10% of Earth’s Wilderness Since 1992

Lucky Numbers and Horoscopes for today, 19 September 2021

Two refused London schemes given green light by Mayor

Private rents in UK rise at fastest rate on record

Watch: Anger as Meghan Markle compared to Rebekah Vardy by minor aristocrat

Tesco pays out £900m to shareholders despite securing £585m tax break from government

London Film Festival 2018: First Look Review U – July 22

Social distancing – Risk of transmitting the virus is higher when it’s windy

‘Best video you’ll see today’: Patel speach interrupted by activists at Conservative party dinner

Ben & Jerry’s latest company to pull advertising from Facebook over racism

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.