Greensill Capital

More from this Series

• Greensill Capital accused of fraud as battle to recoup losses intensifies

  Tokio Marine says insurance policies ‘fraudulently obtained’ while Credit Suisse says litigation could last five years

  
• Greensill offered GAM share options as it pitched for funding

  Swiss fund manager was offered 12.5 per cent stake in finance firm in 2016

  
• Credit Suisse disputes SoftBank chief’s account of Greensill deal

  Swiss bank claims ‘material discrepancy’ between Masayoshi Son’s words and email from Lex Greensill

  
• Credit Suisse fires two managers responsible for Greensill funds

  More departures expected as bank prepares to publish findings of probe

  
• Departing Credit Suisse executive could face $10m clawback

  Eric Varvel was proponent of the Greensill Capital-linked supply-chain finance funds that unravelled

  
• Scottish government raises provision on Gupta guarantee to £161m

  Higher security package underlines risks from controversial £586m taxpayer-backed guarantee given to industrialist

  
• Greensill gave neighbour’s business a taxpayer-backed Covid loan

  Lex Greensill and businessman Barnabas Borbely lobbied local council to adopt controversial supply-chain finance model

  
• French prosecutors investigate Sanjeev Gupta’s business empire

  UK metals magnate’s operations probed over allegations of ‘misuse of corporate assets’ and ‘money laundering’

  
• Watchdog finds no evidence Greensill NHS scheme benefited taxpayer

  Findings from National Audit Office probe into collapsed lender undercuts claims of £100m annual savings

  
• Mastercard bets on supply chain finance despite Greensill collapse

  US payments giant launches lending product with UK tech company Demica

  
• Grant Thornton to charge more than £20m for Greensill administration

  Firm’s fee forecast now represents close to 5 per cent of its entire UK annual revenues

  
• Credit Suisse angers Greensill investors with free services offer

  Refunds proposed for clients who have not initiated legal claims, and perhaps for those who drop them

  
• American Industrial Partners: the buyout firm taking on Sanjeev Gupta

  Little-known US company says it has taken control of industrialist’s top European asset

  
• Credit Suisse report into Greensill failings hit by delays

  Stakes have raised considerably for the Swiss bank after its headquarters were raided by police

  
• Sanjeev Gupta vows legal action over ‘predatory’ seizure of aluminium smelter

  French union ‘disillusioned’ with GFG but nervous about new private equity owner

  
• Gupta parties as GFG’s problems pile up

  Embattled metals magnate celebrates his birthday in lavish style while his business faces an uncertain future

  
• Credit Suisse offices raided over Greensill funds

  Swiss police seize documents related to collapsed supply-chain finance firm

  
• Sanjeev Gupta fights for control of Europe’s largest aluminium smelter

  US private equity firm AIP claims to have acquired French asset, thwarting Glencore-led bailout

  
• GFG’s timetable slips for refinancing $5bn of Greensill debt

  Cooling commodity markets threaten Sanjeev Gupta’s battle to preserve his sprawling metals conglomerate

  
• Credit Suisse charges investors to prop up Greensill Capital

  Clients facing billions in losses are furious but Swiss bank cites need to keep collapsed company ticking over to recoup funds

  
• Credit Suisse appoints new compliance chief after Greensill and Archegos crises

  Overhaul at top of bank continues as it attempts to move on from scandals

  
• Sanjeev Gupta’s GFG in talks with White Oak over European operations

  US group has already stepped in with financing for metals group’s Australian arm

  
• Greensill loan sets up battle for control of US car start-up

  SoftBank vies for control of Santa Monica-based Fair with the leasing group’s founder

  
• Jay Hambro, the ‘ultimate salesman’ behind Sanjeev Gupta’s GFG

  Metal magnate’s deeply connected right-hand man opened doors to politicians and global banks

  
• Jay Hambro to leave Gupta’s GFG after clash over aluminium sale

  Tycoon’s loyal lieutenant on ‘gardening leave’ and no longer taking active role in metals group

  
• How SoftBank’s dalliance with Greensill ended in disaster

  After coming unstuck on WeWork, the Japanese group pulled out all the stops to save its next investment

  
• How civil service chief Heywood opened the door to Lex Greensill

  Long-awaited report by lawyer Nigel Boardman draws claims of ‘cover-up’ from Labour

  
• Greensill scandal is about more than sleaze

  The Treasury and regulators need to consider their responsibilities

  
• Greensill Capital paid Cameron salary of more than $1m a year

  Former prime minister said to have made in excess of $40,000 a day from collapsed finance firm

  
• Gupta fights lender’s efforts to seize control of aluminium mill

  Metals magnate’s fresh legal battle with US private equity firm set to complicate Glencore deal

  
• Greensill used taxpayer loans to cut exposure to Sanjeev Gupta

  Lender resorted to scheme after regulators warned about risky lending to steel group

  
• Sanjeev Gupta in talks with Glencore over loan

  Commodity trading house seeks to refinance debt at metals magnate’s aluminium business as market booms

  
• Gupta wins reprieve from legal action to shut down some of his companies

  Industrialist given a three-month delay as lenders adopt a more consensual approach

  
• Greensill sent all loans under government scheme to Gupta-linked companies

  Eight businesses that borrowed from firm under taxpayer-backed programme revealed

  
• Credit Suisse readies insurance claims on Greensill losses

  Policies that were a vital component of Greensill’s securitisation machine will be tested

  
• Greensill scandal spurs call for tighter curbs on ex-officials entering private sector

  UK anti-corruption watchdog seeks up to 5-year ban on lobbying by former ministers and civil servants

  
• HK fund takes action on alleged unpaid debts by Gupta’s GFG Alliance

  TransAsia is claiming more than $71m from GFG’s trading arm

  
• How Credit Suisse wooed Sanjeev Gupta before a bitter divorce

  The Swiss bank ignored red flags as it financed the British industrialist’s Sydney mansion and chased deal fees

  
• Trafigura warned Credit Suisse over Gupta invoice last year

  Commodities trading house raised concern in July 2020 over a bill it apparently owed one of industrialist’s companies

  
• Credit Suisse plots lawsuit against SoftBank over Greensill

  Dispute between bank and tech investor centres on US construction group Katerra

  
• How Swiss asset managers opened their doors to Lex Greensill

  Adviser David Solo played key role as GAM and Credit Suisse funded group’s expansion

  
• Credit Suisse compliance chief was warned about Gupta

  Thomas Grotzer promoted despite being one of several staff to whom concerns had been raised

  
• UK government confident buyer will be found for Gupta’s steel factories

  Business secretary Kwasi Kwarteng tells MPs the 3 plants put up for sale are ‘good assets’

  
• Italian bank collapses on exposure to Greensill and GFG

  Aigis Banca was ordered into liquidation by the Bank of Italy, with its assets transferred to a rival

  
• National Crime Agency involved in Gupta bank probe, BoE governor says

  Andrew Bailey tells MPs the NCA was informed of investigation over concerns about transactions with ‘certain parties’

  
• GFG to sell three UK steel plants as it seeks Credit Suisse debt deal

  Agreement over refinancing could pave the way for restructuring of Gupta’s business

  
• Sanjeev Gupta moved part of Scottish loan away from struggling steel plant

  Just over £2m of taxpayer funds were transferred to elsewhere in the industrialist’s empire

  
• Tokio Marine defends governance over Greensill exposure

  Insurer’s subsidiary provided billions of dollars of cover to collapsed supply chain finance group

  
• British Steel’s Chinese owner sets sights on Gupta’s UK plants

  Jingye Group tells government it is ready to take on parts of Liberty Steel if industrialist fails to find fresh financing

  
• Greensill critic Myners discussed taking role at firm, emails show

  Former city minister inquired about position after likening company to a Ponzi scheme

  
• Grant Thornton was forensic auditor on Greensill-GAM probe

  Accountancy group had complex interests regarding collapsed finance group

  
• Euler Hermes sold business fraud policy to Greensill Bank

  Disclosure comes after insurer had pulled away from providing trade credit insurance

  
• Credit Suisse under growing pressure to compensate clients over Greensill

  The collapse of the supply chain finance firm has hurt more than 1,000 of the bank’s customers

  
• White Oak: why the ‘white knight’ is so attached to Gupta’s metals group

  Would-be rescuer has existing ties to GFG Alliance but wobbled after an SFO announcement

  
• Serious Fraud Office probes Sanjeev Gupta’s GFG as rescue talks fail

  Investigation to look at suspected fraud, fraudulent trading and money laundering and Greensill

  
• Cameron defends his lobbying of ministers for Greensill Capital

  Former prime minister refuses to say how much money he had expected to make with finance group

  
• Sanjeev Gupta’s Wyelands Bank teeters under weight of bad debt

  Regulators forced lender to repay hundreds of millions of pounds to depositors

  
• Grilling looms for David Cameron after MPs press Lex Greensill over collapse

  Financier denies he is a ‘fraudster’ as former prime minister’s lobbying messages released

  
• UK regulator investigates collapsed Greensill Capital

  Move revealed in documents released by MPs, which also show extent of Cameron’s lobbying on behalf of group

  
• Can Sanjeev Gupta escape the crisis engulfing his business?

  The steel magnate has an uphill battle to refinance after Greensill’s collapse

  
• How Lex Greensill helped sow the seeds of Carillion crisis

  Supply chain finance scheme launched in 2012 helped failed contractor mask mounting debt

  
• Credit Suisse casts doubt on Sanjeev Gupta’s £200m bailout loan

  Swiss bank’s clients are owed $1.2bn by the metals magnate and lender says it has not been contacted about the plan

  
• Sanjeev Gupta agrees new funding for Australian assets

  Agreement comes as Liberty Steel appoints advisers to its board to speed up a restructuring

  
• Sanjeev Gupta’s ‘spiritual home’ Whyalla left on edge by crisis

  Concerns intensify in Australian city revived by metals mogul as his funding dries up

  
• Gupta and Greensill inquiries are not enough

  The FT has reported evidence meriting an SFO investigation

  
• The tiny audit firm that signs off Sanjeev Gupta’s empire

  Based over a row of shops, King & King audits more than 60 of the steel magnate’s companies

  
• Invoices to ‘Friends of Sanjeev’ underpinned Greensill loans

  Bulk of business at Gupta’s Liberty Commodities was from trades within the company or with close associates

  
• Greensill tried to use NHS pay ‘gift’ as lever to sell supply chain finance

  One of the collapsed finance group’s executives has since joined health service’s procurement arm

  
• Greensill parent enters liquidation

  Creditors vote to wind up Australia-based group that collapsed under A$4.9bn of debt

  
• Liberty Steel’s Scottish plant misses interest payments

  Factory owned by Sanjeev Gupta stopped making payments on taxpayer-backed facility last year

  
• Cameron pitched Greensill’s services to German government official

  Former UK prime minister sought to lobby Berlin during official probe into Germany’s Greensill Bank

  
• Sanjeev Gupta explored setting up bank in Panama

  Metals magnate sought help from law firm Mossack Fonseca over establishing offshore lender

  
• Gupta carved up business empire in attempt to secure UK Covid loans

  Steel magnate incorporated new companies in an effort to tap government’s emergency lending scheme

  
• David Cameron lobbied Matt Hancock on Greensill’s NHS pay scheme

  Former prime minister spoke to health secretary about finance company’s wage provider proposal

  
• Greensill collapse tests Yorkshire steel town’s mettle

  UK jobs under threat as demise of Sanjeev Gupta’s lender exposes his business

  
• Suspect Sanjeev Gupta invoices used in Greensill loans raise fraud concerns

  Six companies named in invoices and Credit Suisse fund documents deny doing business with steel magnate

  
• Cameron tells friends he made mistake over Greensill texts to Sunak

  Allies of former UK prime minister claim he barely knew financier while he was in Number 10

  
• Supply-chain finance: a new spin on a prehistoric idea

  The collapse of Greensill Capital has put the spotlight on a form of financing that dates back to Bronze Age Mesopotamia

  
• Gupta’s eastern Europe steel plants scramble to pay €100m carbon bill

  CO2 credit shortfall is latest sign of financial strains facing businessman’s GFG Alliance empire

  
• Commodities groups investigate web domains linked to GFG Alliance

  FT uncovers further indications of companies with ties to Sanjeev Gupta’s troubled steel empire

  
• Greensill Capital’s administrator unable to verify Gupta invoices

  Exclusive: Grant Thornton has received denials from companies listed as debtors to steel group

  
• Sanjeev Gupta denies debts are due ahead of crunch meeting

  Metals magnate pledges not to shut down any steelworks as legal pressure mounts

  
• Sanjeev Gupta faces winding-up orders in London insolvency court

  Citigroup files applications against some of the metals tycoon’s businesses

  
• The case for a rescue of Liberty Steel assets

  Price of any support for the plants should be the exit of Sanjeev Gupta

  
• How Lex Greensill and David Cameron tried to woo Saudi Arabia’s crown prince

  Financier boasted of desert trip with former prime minister and Mohammed bin Salman

  
• Sanjeev Gupta seeks £170m government bailout

  Sprawling metals and industrials group in race for rescue financing after Greensill collapse

  
• Tokio Marine says no material Greensill risk in new financial year

  Japanese insurer moves to quell market speculation it will take significant hit from fiasco

  
• Marsh & McLennan scrutinised over role in Greensill collapse

  Insurance broker was responsible for finding cover for finance group against non-payment by its borrowers

  
• How Sanjeev Gupta lived large on the back of rickety financing

  Mansion is latest purchase by ‘saviour of steel’ whose empire received taxpayer loans

  
• The finance inventor whose vision blurred at Greensill Capital

  Former vice-chair Roland Hartley-Urquhart filed for a patent on supply chain finance more than 20 years ago

  
• David Cameron lobbied for Greensill access to Covid loan schemes

  Former UK prime minister urged bigger role for group but Treasury remained reluctant

  
• The Australian underwriter who provided Greensill Capital’s lifeline

  Greg Brereton was later dismissed from The Bond & Credit Co after being accused of breaching risk limits

  
• Credit Suisse warns over hit from Greensill collapse

  Swiss lender says it may have to take a charge related to the failed supply-chain finance group

  
• Greensill Capital borrowed almost €100m from its own bank before collapse

  Revelation raises new questions as related party transactions are strictly limited under German law

  
• Apollo ends talks to buy parts of Greensill Capital

  US private equity firm was interested in finance group’s intellectual property, IT systems and Finacity arm

  
• Billions at stake and no one knows who takes the hit: when is Greensill a systemic risk?

  Looming fight between lenders, banks, insurers and investors looks very like the fallout from 2008

  
• Greensill painted a rosy picture as it sought $1bn before collapse

  Citi, Credit Suisse and Allen & Overy advised firm as it chased private equity cash

  
• Sanjeev Gupta’s metals businesses miss UK tax payments

  Industrialist tells UK unions that collapse of Greensill Capital has created a ‘challenging situation’

  
• Australia’s IAG denies exposure to Greensill after share plunge

  Insurer’s stock price falls 10% on fears over links to collapsed supply-chain financier

  
• Greensill files for administration and warns of GFG ‘defaults’

  Finance group has ‘no conceivable way’ of repaying Credit Suisse loan, lawyers say

  
• ECB quizzes banks over exposure to Greensill and Gupta

  Regulator assesses financial stability risks as talks continue over sale of parts of finance group to Apollo

  
• The unravelling of Lex Greensill: a mix of bravado and financial alchemy

  The potential collapse of the financial group could put many small businesses and thousands of jobs at risk

  
• Greensill implosion exposes risks of shadow banking

  Revolutions in finance have a nasty way of ending badly, especially when they happen at breakneck speed

  
• Credit Suisse pulls plug on $10bn of frozen Greensill-linked funds

  Valuation uncertainty and reduced availability of insurance coverage for new investments behind bank’s decision

  
• Greensill’s demise shines spotlight on government ties

  With links to a former prime minister, the Australian financier was close to the UK’s corridors of power

  
• The insurance call that toppled Greensill

  Tokio Marine’s decision to end coverage sparked desperate response from ailing finance group

  
• Sanjeev Gupta’s GFG Alliance stops payments to stricken Greensill

  Metals magnate’s move comes as suppliers and politicians seek assurances over his companies

  
• German regulator files criminal complaint against Greensill Bank

  Financial watchdog BaFin alleges balance sheet manipulation at troubled lender with €3.5bn of deposits

  
• Greensill Capital prepares to file for insolvency

  Apollo Global Management is in talks to buy up parts of the business

  
• German regulator steps in as Greensill warns of threat to 50,000 jobs

  Finance group cautions on risk to clients as it seeks insolvency protection in Australia and rescue with Apollo

  
• Greensill and supply-chain finance: how a contentious funding tool works

  Technique has troubled regulators, rating agencies and accountants

  
• Credit Suisse lent $160m to Greensill on top of fund exposure

  Swiss bank’s executives worried about fallout from relationship with ailing finance group

  
• Brookfield walks away from Sanjeev Gupta loan talks

  Talks with $500bn asset manager collapse as pressure grows on industrialist’s main lender

  
• BaFin pushes Greensill Bank to reduce its exposure to Sanjeev Gupta

  German regulator concerned about SoftBank-backed lender’s level of risk linked to industrialist

  
• Greensill Capital rebuffed in search for new auditor

  Move comes as controversial SoftBank-backed finance company considers stock market listing

  
• Sanjeev Gupta-linked companies with just 11 staff took millions in UK loans

  Greensill Capital provided state-supported funding to entities with ties to steel magnate

  
• “System generated truncations”: Greensill, Gupta and the hunt for the mystery holding company

  That time we tried to figure out why Credit Suisse’s supply-chain finance fund has $74m of exposure to a company that does not exist.

  
• SoftBank exits Credit Suisse funds after circular financing review

  Japanese group pulls $500m from vehicles that bet on start-ups its Vision Fund backed

  
• SoftBank invests in Credit Suisse funds that finance its technology bets 

  Japanese conglomerate engages in circular flow of financing to Vision Fund start-ups

  
• SoftBank-backed Greensill suffers raft of client defaults

  London-based group arranged financing for NMC Health, BrightHouse and Agritrade

  
• The workings of Sanjeev Gupta’s empire

  Financial and operational issues at his companies have cast doubt over his ambitions to revitalise faded heavy industries

  
• Vision Fund increases backing for Greensill Capital

  SoftBank vehicle to invest ‘a few hundred million’ dollars more in UK finance group

  
• How Sanjeev Gupta’s empire is fuelled by opaque financing

  Disastrous debut in mainstream markets shows tycoon’s reliance on unusual funding

  
• Investors pull money from GAM and Greensill supply chain fund

  Withdrawals are the latest setback for the scandal-hit Swiss manager

  
• SoftBank Vision Fund invests $800m in UK finance group Greensill

  Deal will double valuation of business where David Cameron works to $3.5bn

  
• Asset management: inside the scandal that rocked GAM

  A bitter dispute has provoked the departure of chief executive and a star fund manager

  
• Sanjeev Gupta: is the steel magnate spinning too many plates?

  The Liberty House chief has become one of the UK’s leading industrialists. But financing pressures could rein in his grand ambitions

  
• GAM’s great fund unwind leaves Greensill-linked debt behind

  Swiss asset manager liquidates bank bonds, but is left with debt linked to start-up