How the Greensill empire was brought down
Skittish insurers, wary fund managers, a suspicious regulator and a sceptical press created a pile of tinder that only needed a few sparks to start a fire.
Lex Greensill’s financial empire has imploded spectacularly in the space of a week. Peter Braig
Greensill Capital’s demise took just days. Two Swiss financial giants turned off the financial firm’s $US11 billion ($14 billion) funding tap after one of Greensill’s biggest insurers jumped ship and it lost a rapid-fire legal skirmish in Sydney to keep them on board.
German regulators closed the bank that anchors AFR Rich Lister Lex Greensill’s global finance business and a criminal complaint was filed in a German court. One of Greensill’s most lucrative clients, British billionaire Sanjeev Gupta, no longer wants to pay Greensill’s bills.
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