Telstra mired in Greensill downfall

Jenny Wiggins, Simon Evans and Hans van Leeuwen

Updated Mar 8, 2021 – 7.58am, first published at Mar 7, 2021 – 9.36pm

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Telecoms giant Telstra, construction group CIMIC and the Australian Rail Track Corporation are caught up in the collapse of Greensill Capital and could be chased down by banks and insurers to pay tens of millions of dollars of bills sold to Credit Suisse’s supply chain finance funds.

Invoices for payments owned by the three companies were among the top 10 holdings at the end of January of four supply chain finance funds worth $13 billion that propped up Lex Greensill’s empire and were managed by Credit Suisse.

Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Bluesky: @jennywiggins.bsky.social

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Hans van Leeuwen is international economy editor for The Telegraph UK. He was previously The Australian Financial Review’s Europe correspondent.