Credit Suisse warns of financial hit from Greensill collapse March 16, 2021 Credit Suisse has warned it may book a charge following the collapse of Greensill Capital as scrutiny grows over its relationship with the firm. Earlier this month the Swiss bank closed a $10bn suite of supply-chain finance funds linked to Greensill, and it is also trying to recoup a $140m loan it made to the [...]
Gupta’s GFG Alliance took £400m in state-backed Covid loans March 14, 2021 Steel tycoon Sanjeev Gupta reportedly used now-collapsed bank Greensill Capital to borrow £400m in government-backed loans during the pandemic. Under the Coronavirus Large Business Interruption Loan Scheme (CLBILS ), firms are allowed to borrow up to £50m, with 80 per cent of the loan guaranteed by the government. But, the Sunday Times reported, Gupta and [...]
Private equity giant Apollo pulls out of talks with Greensill Capital March 12, 2021 US private equity firm Apollo Global Management has ended talks to buy parts of Greensill Capital’s business. The beleaguered finance firm filed for insolvency earlier this week after Credit Suisse suspended redemptions on a $10bn suite of Greensill-linked funds. Greensill specialises in supply-chain finance which provides short-term credit to businesses. It bundles the debt and [...]
Why Greensill’s collapse could spell calamity for Gupta’s steel empire March 12, 2021 Australian financier Lex Greensill’s financial empire has collapsed just a year after seeking a $7bn valuation. On Monday Greensill Capital filed for administration and it risks taking Sanjeev Gupta’s steel empire down with it. What went wrong for the banker and the steel magnate and how will its demise affect thousands of British steel jobs? [...]
GFG Alliance in talks with Greensill’s administrators over ‘standstill’ deal March 12, 2021 Sanjeev Gupta’s GFG Alliance is in negotiations with Grant Thornton, the administrators of collapsed Greensill Capital, over a “standstill agreement” between the two parties. It comes after court filings submitted earlier this week revealed that GFG, Greensill’s biggest client, had begun to default on repayments to the boutique bank. It has been reported that Gupta [...]
Football Index has licence suspended by Gambling Commission after appointing administrators March 12, 2021 Football Index has had its licence suspended by the Gambling Commission after appointing administrators. The platform, which allows users to trade “shares” in high-profile footballers, suffered a market crash last weekend after reducing dividend payouts – one of the ways users can make money. Football Index suspended trading on Thursday, when it announced it was [...]
Begbies Traynor set for £25m acquisition in biggest deal yet March 12, 2021 Begbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25m. The deal represents Begbies Traynor’s biggest acquisition to date, and continues the firm’s recent acquisitive spree, which has seen it buy two firms already this year. Begbies Traynor will pay an initial £12m for David Rubin [...]
Credit Suisse execs ‘overruled’ risk managers on Greensill loan March 11, 2021 Senior Credit Suisse executives reportedly approved a $160m loan to beleaguered finance firm Greensill Capital despite concerns raised by the bank’s risk managers. London-based risk managers at the Swiss bank rejected the loan before chief risk and compliance officer Lara Warner signed off on the loan in October, according to the Financial Times. “There is [...]
DLT may not be the silver bullet, but it’s worth a shot March 10, 2021 Lord Holmes of Richmond MBE delivers the third installment of his five-piece analysis of the government's Financial Services Bill.
Financial Services Bill: Time to act March 8, 2021 Crypto AM Parliamentary Special, with Lord Holmes of Richmond MBE who calls for action on the Financial Services Bill.