FCA wants stricter rules after Greensill scandal FCA 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 DAVID CAMERON 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 Credit Suisse delays publishing Greensill report a week after police raid 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 [...]
Sanjeev Gupta launches legal action over US PE group’s ‘predatory’ seizure of aluminium smelter October 5, 2021 Sanjeev Gupta’s GFG Alliance has vowed legal action to scotch what it called a “predatory” attempt by US private equity group American Industrial Partners (AIP) to take control of the largest aluminium smelter in Europe. Buyout firm AIP said last Friday that it had acquired ownership of the aluminium smelter in Dunkirk after a unit [...]
Swiss police raid Credit Suisse offices over Greensill Capital funds October 3, 2021 Swiss police have raided Credit Suisse offices and seized documents relating to the failure of the bank’s $10bn range of supply chain finance (SCF) funds that were linked to Softbank-backed Greensill. Police carried out the raids last week after the Zurich public prosecutor’s office launched criminal proceedings into Greensill. The prosecutor’s actions followed a criminal [...]
City braces itself for more rules as Rishi Sunak orders financial regulation reviews September 24, 2021 Chancellor Rishi Sunak has ordered two immediate reviews of UK financial regulation following a report by the Treasury select committee on the collapse of Greensill Capital. In a letter published on Friday, Sunak insisted the Treasury acted “entirely appropriately” in its handling of David Cameron’s Greensill lobbying efforts. Sunak hit back at the report which [...]
Credit Suisse asks fund investors to foot £145m bill to prevent Greensill folding September 20, 2021 Credit Suisse has riled clients who are already dealing with billions of dollars in losses from its failed supply chain finance (SCF) funds with plans to land them with a further $145m bill this year, some of which will be used to preserve Greensill Capital. It comes after Credit Suisse’s asset management division suspended a [...]
Parliamentary inquiry into Cameron Greensill saga says lobbying rules are ‘insufficient’ July 20, 2021 A parliamentary committee looking into the Greensill saga blasted ex-prime minister David Cameron for the “significant lack of judgement” he showed in his support for the failed firm. The “Lessons from Greensill Capital” report by the Commons Treasury Select Committee found that the current ministerial lobbying rules are “insufficient” and “there is a good case [...]
David Cameron earned more than $1m a year as Greensill lobbyist July 13, 2021 Collapsed finance group Greensill Capital paid the former Prime Minister a salary of more than $1m (£722,000) a year to lobby government ministers and officials on behalf of the firm. Cameron was contracted to work 25 days a year as an adviser to the board, meaning his daily take home earnings amounted to more than [...]
Credit Suisse chief compliance officer resigns as shake up continues in the aftermath of Greensill July 12, 2021 Credit Suisse’s chief compliance officer will depart the bank as it continues a shake up by its new chairman in the wake of a series of costly scandals. The banking giant announced that its Swiss chief compliance, Floriana Scarlato, would leave with immediate effect to explore opportunities elsewhere. Recently appointed chairman Antonio Horta-Osorio has vowed to [...]