Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Ministry of Housing, Communities and Local Government
Kevin Hollinrake
Main Page: Kevin Hollinrake (Conservative - Thirsk and Malton)Department Debates - View all Kevin Hollinrake's debates with the Ministry of Housing, Communities and Local Government
Greensill Capital
Kevin Hollinrake Excerpts(3 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
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Kevin Hollinrake (Thirsk and Malton) (Con)
If we can put to one side the blatant political opportunism here, there is a scandal behind this. Greensill failed because it overextended itself to GFG Alliance. That was signed off by Grant Thornton, GFG’s auditors, effectively on a business model that included borrowing hundreds of millions of pounds based on the security of a very insecure, possibly non-existent order book. Will my hon. Friend bring forward his intended reforms to the audit regulatory system and make sure that Grant Thornton’s role in this is properly investigated?
Paul Scully
My hon. Friend will appreciate the audit reforms that we are consulting on. It is absolutely right that the markets work when they are transparent and open, which is why we are determined to make sure that, in the light of recent failures, we get these audit reforms through, and I look forward to his contribution to that debate.