Credit Suisse is plotting another payout this month for investors in its frozen supply chain finance funds linked to Greensill Capital, the bank said today.
The latest payout is the sixth installment since Greensill Capital collapsed earlier this year, taking the total amount returned to investors as of the end of November to $7.1bn.
It comes after Credit Suisse’s asset management division suspended a $10bn range of funds in March that were linked to Softbank-backed Greensill, which collapsed into administration amid allegations of fraud and a lobbying scandal involving ex-prime minister David Cameron. It has been paying back the money it recovers in stages ever since.
Credit Suisse riled its clients, who are already dealing with billions of dollars in losses from its failed supply chain finance (SCF) funds, in September when plans to land them with a further $145m bill this year were first revealed.
Today, the bank confirmed it was accruing around $145m in estimated recovery costs for 2021, some of which will be used to preserve Greensill Capital.
More to follow.