Greensill Says He Warned Credit Suisse Weeks Before Collapse
This content was published on March 13, 2021 - 12:00
March 13, 2021 - 12:00
(Bloomberg) Lex Greensill said he told top Credit Suisse Group AG officials of his difficulties in securing fresh insurance to cover corporate loans underpinning his business for weeks before his supply-chain finance empire’s abrupt collapse.
The ex-billionaire “regularly updated” executives including Chief Risk Officer Lara Warner on his problems in finding new cover after Australian insurer Bond and Credit Company had decided against renewing policies on $4.6 billion of corporate loans. The Swiss bank “was aware of the difficulties that Greensill Capital was having in renewing the TBCC policies and the likely consequences of a failure to renew,” the financier said in newly disclosed court documents.
Greensill Says He Warned Credit Suisse Weeks Before Collapse 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.
Credit Suisse ignoró las alertas en caso Greensill milenio.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from milenio.com Daily Mail and Mail on Sunday newspapers.
Credit Suisse Freezes More Supply Chain Finance Funds as Greensill Scandal Widens
Credit Suisse Group AG froze four more funds that invested in the bank’s $10 billion supply chain finance strategy, adding to the widening scandal surrounding the bank’s exposure to Lex Greensill’s failed empire.
The additional funds have about $1.2 billion in assets, some of which they had put into the four Greensill-linked funds that Credit Suisse is now liquidating. The bank suspended them effective March 1, the same day it froze the supply chain finance strategy. It posted the decision in an investor update on its website dated March 9.