Former UK PM David Cameron made £7.2 million from collapsed finance firm: Reports

Ex-British Prime Minister David Cameron had reportedly made around $10 million (£7.2mn) from a financial service firm before it collapsed earlier this year. The firm he lobbied for -Greensill Capital- is the same firm he worked for as a part-time adviser for over 2.5 years, Associated Press reported citing BBC. The information was obtained after a letter between Greensill and Cameron came to the forefront during investigations under BBC's 'Panorama' program.

Cameron made approximately $4.5 million after he encashed Greensill Capital shares before it collapsed in March this year. Additionally, he was paid a hefty $1 million a year salary, the 'Panaroma' reported. He was also listed to be paid $7 million as a bonus for his services in the same year.

However, the former British prime minister's spokesperson denied claims about Cameron having received "anything like figures quoted by Panorama." Defending Cameron he added, the ex-leader only acted in "good faith all the times" and "there was no wrongdoing in any of the actions he took."

AP reported that the company is said to have provided so-called cash chain finance to the businesses, which roughly indicates that it solved the cash-flow problems by paying the party's invoices immediately. As per reports, Cameron's role as an advisor in Greensill began in 2018 about two years after the Conservative Party exited from the White House. During his tenure, he lobbied several senior party leaders to invest public money in the financial services scheme called Corporate Covid Financing Facility, under which the company was allowed to issued loans to government-insured companies. Cameron remained a part of the firm and "walked away" with a hefty amount just before its collapse in March 2021.

Cameron's involvement with the firm has triggered a series of inquiries by lawmakers and opposition leaders. Calling the funds "utterly ludicrous," Labour Party Deputy, Angela Rayner said that the money reported is unimaginable for most people "but for David, it was just a part-time gig." She also accused him of using "Tory contacts" for personal gains.

Meanwhile, while speaking to the Treasury Select Committee in May, David conceded to possessing shares of Greensill. However, he rubbished claims of taking away £60 million from the financial service company. Cameron was cleared of breaking laws by the Member of Parliamentary Committee based on a "significant lack of judgement of lobbying laws." Following this, Cameron's spokesperson told the BBC that the ex-leader's funds were a "private matter."

(With inputs from AP) (Image Credit: AP/representative)