Australian banker Lex Greensill’s Greensill Capital, a start-up that provided short-term cash advances and spun off its loans into bond-like securities has filed for insolvency protection. This after bondholders Credit Suisse stopped investors from moving money in or out of $10bn in supply-chain investment funds when Greensill lost coverage from credit insurers. Backers such as German municipalities and Japan’s SoftBank stand to lose billions. Now South Africa’s Barak Fund, which has a strikingly similar business model to Greensill, is crumbling too, according to the Bloomberg article below. – Melani Nathan
Another trade finance fund implodes in echoes of Greensill
Another Trade Finance Fund Implodes in Echoes of Greensill msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Barak Fund Management Limited was founded by Jean Craven and Prieur du Plessis. They launched its flagship Structured Trade Finance Fund with US$ 300,000 in 2009. By 2018, the trade finance fund grew to manage in excess of US$ 1 billion as traditional banks retreated from the sector over risk. As banks pulled back from […]
YOUNG footballers have donated a huge quantity of toys to families in need this Christmas. Winsford Diamonds Football Club challenged every team to complete 570km, the distance from Winsford to Wembley and back to beat lockdown blues. The youngsters smashed their target and raised more than £2,000 through a JustGiving page. The teams donated £1,000 to Winsford Community Grocery and bought a colossal amount of toys with the rest of the money and gave them to the Salvation Army.
Matilda Mitchell, five, who plays for Winsford Diamonds Wildcats and brother Charlie, 10, who belongs to Winsford Diamonds Athletics under 11s Kelly Mitchell, from Winsford Diamonds, said: Jean Craven from the Salvation Army was moved to tears when she saw how many toys we had, she was so pleased.