Credit Suisse reaches $7bn in cash for supply-chain funds
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Credit Suisse hands duo series of supply chain finance funds
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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
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