Credit Suisse to liquidate parts of 4 funds linked to supply chain finance pionline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pionline.com Daily Mail and Mail on Sunday newspapers.
Credit Suisse has frozen four funds in its asset management unit that had invested in its supply chain finance strategy as it grapples with the fallout from the collapse of $10.1 billion worth of funds linked to British financial services firm Greensill Capital.
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.