NewsBite

Greensill Bank

February 2024

The $7b hangover: How IAG was sucked into Lex Greensill’s vortex

One of Australia’s most expensive corporate fights is in court. But how did the insurer targeted in the cases become entangled?

  • Liam Walsh and Jenny Wiggins

July 2023

Sanjeev Gupta’s steel entities were entangled in the Greensill Group’s collapse.

Lawsuit embroils IAG over Gupta’s Liberty Steel ‘$3b debt’

The case is the latest to raise questions about IAG’s oversight of an agency doing deals with the Greensill Group finance operation.

  • Liam Walsh and Jenny Wiggins

March 2023

Funding for the Steinway Tower, second skyscraper from right, is caught up in the insurance lawsuit.

IAG’s brush with oligarchs, Greensill detailed in new court claim

A new lawsuit puts renewed questions on IAG’s oversight of the risks a half-owned insurance agency was signing up for.

  • Jenny Wiggins and Liam Walsh

March 2022

IAG is sticking with guidance that it has no net exposure to insurance linked to Greensill entities.

IAG diligence in spotlight in Greensill healthcare case

Just nine months before a Middle East healthcare outfit was accused of fraud, IAG’s half-owned agency signed up to insure its bills.

  • Jenny Wiggins and Liam Walsh

January 2022

Credit Suisse is chasing insurers to recover money for investors in its supply chain finance funds.

Credit Suisse ups ante on Greensill Capital insurance claims

Credit Suisse is pursuing insurers for more than $1 billion to pay back investors, as it struggles to recover payments after Greensill Capital’s collapse.

  • Jenny Wiggins
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November 2021

Sources indicated IAG was likely to defend the action taken out by Michael Frege, the insolvency administrator for Greensill Bank.

Insurer IAG hit with $48m claim from Greensill implosion

Court battles over insurance claims related to Greensill Capital’s collapse have begun, with IAG getting sued in the Federal Court.

  • Jenny Wiggins and Liam Walsh

September 2021

Credit Suisse has paid out hundreds of millions more to investors in Greensill.

Credit Suisse says it made $541m Greensill payment

It is the fourth such payment to clients struck by the collapse of Lex Greensill’s business empire.

  • Marion Halftermeyer and Luca Casiraghi

August 2021

Earnd co-founder Josh Vernon learnt some valuable lessons about what it means to have your company acquired through his one year under the Greensill Capital umbrella.

How a local fintech survived the Greensill saga

Earnd had already raised funding from National Australia Bank when a meeting with Lex Greensill unexpectedly turned into an acquisition. It then had a front-row seat as the company plummeted to earth.

  • Natasha Gillezeau

May 2021

Lex Greensill before a UK House of Commons inquiry earlier this month. Aigis Banca’s problems stemmed from investment products linked to invoices it had purchased from Greensill.

Italian bank collapses on exposure to Greensill and GFG

Milan-based Aigis Banca was ordered into liquidation by the Bank of Italy at the weekend, with larger peer Banca Ifis buying its assets and liabilities for the symbolic price of €1.

  • Robert Smith, Kaye Wiggins and Silvia Sciorilli Borrelli
Lex Greensill appears before the UK House of Commons Treasury Select Committee, from his home in Cheshire, England.

Lex Greensill breaks silence as regulator reveals probe

The Financial Review Rich Lister took ‘full responsibility’ for his eponymous finance firm’s collapse, but said he regretted the insurer’s actions that triggered the crisis.

  • Hans van Leeuwen

April 2021

Greensill Capital’s Lex Greensill.

Greensill under microscope over Earnd personal guarantee

The guarantee for a fintech buyout raises the question whether the entrepreneur made such pledges elsewhere.

  • Liam Walsh, Jenny Wiggins and Hans van Leeuwen
Lex Greensill’s Australian company has as much as $4.9 billion of debt.

Greensill under investigation for insolvent trading

Administrators Grant Thornton will examine whether Greensill, which has not filed tax returns for the past four years, breached Australian laws if they are given powers to liquidate the group next week.

  • Updated
  • Hans van Leeuwen and Jenny Wiggins
Sanjeev Gupta is Credit Suisse’s major exposure and legal target.

Credit Suisse reveals $1.6b exposure to Sanjeev Gupta

The Swiss giant will return a further $US1.7 billion to investors in its frozen Greensill-related funds and warns of more legal action on ‘delinquent obligors’.

  • Hans van Leeuwen
GFG Alliance boss Sanjeev Gupta says Lex Greensill was the only one who would back him when he was trying to get his business going in 2013.

Sanjeev Gupta attacks Greensill Capital creditors

GFG Alliance boss Sanjeev Gupta has warned he is prepared to fight Credit Suisse in the courts as the Swiss group tries to seize his assets.

  • Jenny Wiggins, Simon Evans and Hans van Leeuwen
Credit Suisse in major executive shake-up after Greensill Archegos losses.

Credit Suisse senior execs leave after Archegos, Greensill losses

The group’s chief risk officer and investment bank chief are set to depart as it deals with the fallout from twin crises involving Archegos Capital and Greensill Capital.

  • Updated
  • Owen Walker and James Fontanella-Khan
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Sanjeev Gupta.

Credit Suisse ups pressure on Sanjeev Gupta with winding-up bid

Metals tycoon Sanjeev Gupta’s GFG Alliance suffered another blow in its effort to stay afloat after Greensill’s collapse, but said it would defend itself.

  • Updated
  • Hans van Leeuwen
Greensill Bank’s administrators want powers to seize documents in Australia related to Greensill Capital’s collapse and to “protect assets.”

Greensill Bank administrators fight for Australian assets

Greensill Bank’s German administrators have drawn up lists of people to interrogate as they asked for court orders giving them powers to seize documents in Australia related to Greensill Capital’s collapse and to “protect assets.”

  • Jenny Wiggins, Simon Evans, Liam Walsh and Hans van Leeuwen

Ploughing into Greensill’s farm connection

The Aussie farm outfit of Lex Greensill says it’s separate from his failed finance operation. Documents show that has not always been the case.

  • Liam Walsh, Jenny Wiggins and Jonathan Shapiro

March 2021

The relationship between Lex Greensill and former British PM David Cameron has come under intense scrutiny.

Greensill US arm files for bankruptcy protection

The official filing in a New York court extends the geographic contagion for Australian entrepreneur Lex Greensill’s collapsing supply-chain finance group.

  • Simon Evans and Hans van Leeuwen
Lex Greensill’s financial empire collapsed rapidly from early March.

Federal govt in talks with Gupta on Whyalla

Australian government shadows moves abroad as the British and French governments reportedly draw up contingency plans for a potential collapse of Sanjeev Gupta’s steel empire.

  • Michael Roddan and Hans van Leeuwen

Original URL: https://www.afr.com/company/greensill-bank-1mux