National Audit Office launches investigation into Greensill’s involvement in Covid loan schemes April 16, 2021 The National Audit Office (NAO) has launched a probe into supply chain finance firm Greensill Capital following its collapse. Last month the supply chain finance firm appointed Grant Thornton as its administrators, warning it is in “severe financial distress” as its practices came under severe scrutiny. Now the NAO will investigate Greensill’s involvement in the [...]
Glass Lewis opposes re-election of Credit Suisse’s risk chairman April 13, 2021 Proxy adviser Glass Lewis has called on Credit Suisse shareholders to oppose the re-election of board member Andreas Gottschling amid the Greensill and Archegos fallout. The Swiss bank has been mired in controversy in recent weeks due to its exposure to Archegos Capital Management which failed to meet its margin commitments. It came shortly after [...]
Credit Suisse pays out another $1.7bn of fund assets linked to Greensill April 13, 2021 Credit Suisse is set to pay out another $1.7bn of funds linked to the now collapsed Greensill Capital. It takes the total distribution to $4.8bn so far, the bank said, following an earlier payout of $3.1bn. The Swiss bank has been mired in controversy in recent weeks due to its exposure to the collapse of [...]
Credit Suisse, Greensill and Archegos: how did it all go so wrong? April 12, 2021 Spare a thought as the week begins for Christine Graeff, the group head of corporate communications for Credit Suisse. The Swiss finance giant has lost billions of dollars in recent weeks in what has been branded a “disaster pile-up”. The basic cause is easy enough to diagnose: Credit Suisse provided financial backing for the the [...]
Gupta says ‘aggressive’ creditors threaten steel jobs April 9, 2021 Sanjeev Gupta has today hit out at that the “aggressive tactics” of his steel empire’s creditors were putting tens of thousands of jobs at risk. Since the collapse of supply chain financiers Greensill, Gupta’s GFG Alliance has been teetering on the brink of insolvency, having had a £170m bailout bid rejected by ministers. The firm, [...]
Lex Greensill boasted of company’s ‘enormous’ liquidity before collapse April 7, 2021 Lex Greensill boasted to staff that his company had “enormous” liquidity just three weeks before the finance firm collapsed into insolvency, according to reports. The Australian financier reassured Greensill Capital staff in an internal video on 15 February that a funds held by Credit Suisse were robust, the Financial Times reported. “We’ve got enormous amounts [...]
Boris Johnson ‘very hopeful’ government can bail out Liberty Steel April 1, 2021 Boris Johnson has said today that he is “very hopeful” the government will be able to bail out ailing Liberty Steel, saying it “would be crazy” for the government not to buy British steel post-Brexit. The Prime Minister said on a trip to Middlesbrough today that business secretary Kwasi Kwarteng had been in “daily contact” [...]
Calls grow louder for government to create green fund for UK’s steel industry March 30, 2021 The government is under growing pressure to bring forward a £250m green fund for the UK’s steel industry to help rescue the ailing industry. The Clean Steel Fund was originally announced in 2019 by the government in a bid to reduce carbon emissions in the sector through new business invesment. However, the fund is not [...]
Gupta’s Liberty Steel to restart UK operations next week as Government talks roll on March 29, 2021 Gupta's Liberty Steel to restart UK operations next week
Gupta’s empire on the brink as ministers reject bailout plea March 28, 2021 Ministers have rejected Sanjeev Gupta’s request for a bailout over concerns surrounding the group’s opaque structure. The steel tycoon wrote to ministers last week asking for a £170m to avert collapse but a senior civil servant has since formally rejected the plea, according to the Sunday Times. It cited multiple concerns including the group’s structure [...]