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How the Greensill empire was brought down
Skittish insurers, wary fund managers, a suspicious regulator and a sceptical press created a pile of tinder that only needed a few sparks to start a fire.
Lex Greensill’s financial empire has imploded spectacularly in the space of a week.
Peter Braig
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German regulators closed the bank that anchors AFR Rich Lister Lex Greensill’s global finance business and a criminal complaint was filed in a German court. One of Greensill’s most lucrative clients, British billionaire Sanjeev Gupta, no longer wants to pay Greensill’s bills.
Sometime this weekend, the 10-year-old firm, which specialises in the arcane practice of buying invoices and packaging them into bonds, may sink completely.
Greensill Downfall Began with Firing of Insurance Manager at Sydney Unit of Tokio Marine 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.