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The archbishop of Canterbury ended up being obligated to acknowledge on Thursday that the Church of England holds a far more than ВЈ1m investment in another of the key economic backers of Wonga, the payday loan provider the absolute most Rev Justin Welby had guaranteed to compete “out of presence”.
A spokesman for Lambeth Palace conceded that the Church of England’s ВЈ5bn retirement investment, that has an insurance policy that clearly bans it from purchasing payday loan providers, holds a good investment in Accel Partners, A us investment capital company this is certainly certainly one of Wonga’s biggest investors.
Lambeth Palace stated it absolutely was “unaware” associated with the investment that is a “severe inconsistency” along with its ethical investment policy, and employs Welby’s individual assault regarding the immorality of Wonga’s business design.
Accel, that has additionally committed to Twitter and Spotify, ended up being certainly one of three funds that pumped $22m (ВЈ14m) into Wonga last year.
On Thursday, a spokesman for Lambeth Palace stated: “we are asking the Assets Committee regarding the Church Commissioners to investigate how it has happened and also to review the holding in this pooled investment car.
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Posted may 19, 2014.
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