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The Greensill saga: what's it about and what does it mean for you?

© Dominik Reipka/Bloomberg via Getty Images The collapse of Lex Greensill’s business empire has left a messy international trail across several countries, including the UK, Germany, Switzerland and Australia. Former UK prime minister David Cameron, the German federal government, Softbank, and steel magnate Sanjeev Gupta are just a few of the more eye-catching stakeholders involved. So what actually happened and how are all of these parties involved in the story? Here’s a broad summary of the story so far. What was Greensill Capital and why did it collapse? London-based Greensill Capital was one of the world’s biggest providers of supply-chain finance. (You can learn more about supply-chain finance in our previous article on Greensill).

SoftBank-Funded Fintech Upstart Greensill Crashes, Carnage Ensues | naked capitalism Supply chain finance disuptor Greensill is undone by its own financial wizardry, putting at risk thousands of jobs in the UK, Australia and the EU. The timing could not be worse for already buckling supply chains.

Supply chain finance disruptor Greensill is undone by its own financial alchemy, putting at risk thousands of jobs in the UK, Australia and the EU. The timing could not be worse for already buckling supply chains.     On Monday, the supply chain finance firm Greensill Capital filed for insolvency after defaulting on a $140 million loan it owes to Credit Suisse. Its parent company in Australia had already filed for insolvency there. According to UK court documents, Greensill had “fallen into severe financial distress” and can no longer pay off its debts. Over the past week many of the company’s directors have been frantically jumping ship, including its chairman Maurice Thompson, Australia’s former foreign minister Julie Bishop and former Morgan Stanley executive David Brierwood.

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