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Greensill Capital

UK parliament committee to quiz Sunak and Cameron over Greensill
World

UK parliament committee to quiz Sunak and Cameron over Greensill

  • Greensill's founder, Lex Greensill, Bank of England Governor Andrew Bailey and the chief executive of the Financial Conduct Authority, Nikhil Rathi, will also face questions about the collapse of the company and Cameron's actions.
  • A series of inquiries have been launched into what access lobbyists have had to Prime Minister Boris Johnson's government after questions were raised about Cameron's lobbying for funds.
Published 20 Apr, 2021 06:12pm
UK holding off on Liberty Steel as Gupta explores refinancing
Business & Finance

UK holding off on Liberty Steel as Gupta explores refinancing

  • "I think it's absolutely necessary to have steel here in the UK, it has a future," Kwarteng told a parliamentary hearing. "But we can't strip Liberty Steel in this instance now from the wider group under which it sits."
  • "Mr Gupta's assurances that he can refinance his business needs to be examined and he should be allowed time to find the actual refinancing to keep his businesses afloat," Kwarteng said.
Published 13 Apr, 2021 05:46pm
Gupta's Liberty Steel to restart operations, in talks with UK government
Business & Finance

Gupta's Liberty Steel to restart operations, in talks with UK government

  • Gupta's conglomerate GFG Alliance said earlier this month it was in talks with administrators of Greensill over a standstill agreement. On Monday GFG said those negotiations were ongoing and also said that Liberty Steel was still seeking support from the UK government.
  • GFG, however, said on Monday that its steel and mining operations in Europe and Australia were booking record profits and had adequate funding.
Published 29 Mar, 2021 08:42pm
Greensill administrators lay off some 440 staff
Business & Finance

Greensill administrators lay off some 440 staff

  • The job cuts were made "whilst the joint administrators are in continued discussion with interested parties in relation to the purchase of certain Greensill Capital assets."
  • Greensill entered administration on March 8 after losing insurance coverage.
Published 20 Mar, 2021 07:39pm
Credit Suisse freezes four funds invested in supply chain finance
Business & Finance

Credit Suisse freezes four funds invested in supply chain finance

  • Switzerland's second-biggest lender is facing questions from regulators and insurers as it contends with the insolvency of Greensill, for which it acted as a key source of funding.
  • The funds held around $1.2-$1.3 billion as of Feb. 26, figures showed, and held between 2.24% and 9.59% of their assets in the defunct supply chain finance funds, amounting to just over $100 million of their assets.
Published 11 Mar, 2021 07:10pm
Credit Suisse suspends supply chain finance funds
Business & Finance

Credit Suisse suspends supply chain finance funds

  • In a note to investors, Credit Suisse Asset Management said that "a certain part of the subfunds' assets is currently subject to considerable uncertainties with respect to their accurate valuation".
  • Greensill, into which the SoftBank Vision Fund, part of Japan's Softbank Group, has invested around $1.5 billion in recent years, was not immediately available for comment.
Published 01 Mar, 2021 08:18pm