Greensill insolvency earns administrators £34m Greensill The collapse of the disgraced supply chain finance firm Greensill Capital has earned its administrators £34m in fees and expenses, according to reports.
Insolvency Service writes to Greensill’s execs as part of investigation GREENSILL The Insolvency Service has written to Greensill’s executives as it investigates whether to disqualify them as company directors. The agency sent questions to Greensill’s founder Lex Greensill and another former colleague, Sky News’ Mark Kleinman reported. Former chairman Maurice Thompson and former finance director Neil Garrod might also have been contacted. “As part of our [...]
UK government strips guarantees on £400m loans paid by Greensill Capital Greensill Capital The UK government has pulled back guarantees on £400m worth of loans paid out by collapsed financier Greensill Capital to companies linked to steel magnate Sanjeev Gupta. The withdrawal comes after the British Business Bank (BBB) – the UK’s state-owned development bank – in 2020 guaranteed £400m worth loans, given by Greensill, to companies owned [...]
Sanjeev Gupta’s Liberty Steel strikes deal with largest creditor to hold off enforcement actions June 14, 2022 Sanjeev Gupta’s Liberty Steel Group has struck a deal with its largest creditor to give it more time to refinance its debts. The embattled steel manufacturer has agreed a “standstill agreement” with collapsed German financier Greensill Bank to pause all enforcement actions against Liberty, over debt facilities provided to the firm in 2019. The deal [...]
UK fraud investigators serve notice on companies linked to mining magnate Sanjeev Gupta April 27, 2022 UK fraud investigators yesterday served notices at multiple addresses linked to mining magnate Sanjeev Gupta, just a day after French police raided Paris offices linked to the embattled steel tycoon. The UK’s Serious Fraud Office (SFO) yesterday issued Section 2 notices to trading addresses linked to the Gupta’s Liberty House Group of companies, requesting financial [...]
Credit Suisse sacks staff with links to Greensill funds after review into collapse December 22, 2021 Credit Suisse has fired staff and imposed “severe” financial penalties on various individuals, as the bank investigates the failings that led to the collapse of its Greensill-linked supply chain finance funds. The Swiss banking giant commissioned the investigation after its asset management division had to suspend a $10bn range of supply chain finance funds that [...]
Credit Suisse pencils in next payout to Greensill fund investors this month December 9, 2021 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 [...]
FCA wants stricter rules after Greensill scandal December 3, 2021 The Financial Conduct Authority (FCA) has today announced proposals to make changes to its appointed representative regime (AR) – a scheme which allowed the now collapsed Greensill to run in the UK without a license to conduct millions of pounds’ worth of business. The AR regime, which was first conceived four decades ago, lets an [...]
Ex-PM David Cameron lobbied Tory associate at Lloyds to salvage Greensill pharmacy deal November 23, 2021 Former Prime Minister David Cameron lobbied Lloyds bank to change a decision to slash ties with ailing Greensill Capital, it has been reported. Cameron reached out to a board member whom he had ennobled during his Downing Street stint, the Financial Times reported on Tuesday. The newspaper cited “people familiar with the matter” as saying [...]
Credit Suisse delays publishing Greensill failings report a week after police raid October 11, 2021 Credit Suisse has pushed back on publishing a report that details its own failings around the collapse of $10bn of investment funds it ran with Greensill Capital, a week after Swiss police raided its headquarters for related documents. Findings from the probe, which was carried out by Deloitte and Swiss law firm Walder Wyss, had [...]