(Bloomberg) The auditor of Greensill Capital’s German bank withdrew its certifications of the failed lender’s 2019 annual accounts after allegations of irregularities.
Greensill fallout widens over Credit Suisse
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London | Financial behemoth Credit Suisse has been drawn further into the meltdown of Australian billionaire Lex Greensill’s supply-chain finance empire, as it revealed it has frozen four more funds and faced accusations of having overruled risk managers to lend the stricken company $US160 million ($207 million).
Credit Suisse told investors this week that it had temporarily closed four Luxembourg-based funds, worth $US1.2 billion. These funds had invested in the Swiss giant’s four Greensill-focused supply-chain finance (SCF) funds, worth $US10 billion, that were liquidated last week.
Credit Suisse has begun paying back money from the supply-chain finance funds to investors. The first payments totalling just over $US3 billion were made to investors earlier this week.
2021-01-27 16:35:49 GMT2021-01-28 00:35:49(Beijing Time) Xinhua English
BERLIN, Jan. 27 (Xinhua) The COVID-19 crisis would accelerate change in Germany s food sector, according to a study published by the Federation of German Food and Drink Industries (BVE) on Wednesday.
The companies balance sheets would show the pressure to act in the food sector in Germany, according to the joint study by BVE, the employers association for food and drink (ANG) and audit and consulting firm Ebner Stolz.
Around 60 percent of companies estimated a significant decline in sales last year, noted the study which was based on the survey of industry experts from more than 180 companies.