Greensill Says He Warned Credit Suisse Weeks Before Collapse msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Credit Suisse Freezes More Supply Chain Finance Funds as Greensill Scandal Widens
Credit Suisse Group AG froze four more funds that invested in the bank’s $10 billion supply chain finance strategy, adding to the widening scandal surrounding the bank’s exposure to Lex Greensill’s failed empire.
The additional funds have about $1.2 billion in assets, some of which they had put into the four Greensill-linked funds that Credit Suisse is now liquidating. The bank suspended them effective March 1, the same day it froze the supply chain finance strategy. It posted the decision in an investor update on its website dated March 9.
Credit Suisse Knew Frozen Greensill Funds Insurance Cover Relied on One Insurer: Report insurancejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancejournal.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Lex Greensill’s ambitious plan to transform his arcane trade-finance business into a global lending force is rapidly falling apart. From Credit Suisse Group AG to SoftBank Group Corp., Greensill’s most ardent supporters have signaled doubts about the loans made by his supply-chain finance business, upending his multi-billion dollar empire. Greensill Capital, which as recently as last year was seeking a valuation of $7 billion and planning to eventually go public, is now discussing options including insolvency, according to people familiar with the matter. Greensill Capital on Tuesday made use of so-called “safe harbor protection” that’s allowed under Australian insolvency laws, according to another person familiar with the matter. The move effectively buys directors more time to work out alternative financing as it protects them from personal liability for insolvent trading. At the heart of the swift unraveling at Greensill’s firm specializing in a loosely r