February
Lex Greensill scores a rare win in the British courts
The businessman and his failed financing empire is at the centre of a series of legal claims that has drawn in IAG and creditors who lost billions of dollars.
Greensill creditors’ $7b pursuit of IAG could be sent to sixth judge
Companies chasing billions of dollars argue a recently appointed Federal Court judge might be seen to be biased because he once acted for one of the parties.
November 2024
IAG didn’t register Greensill Capital insurer with ASIC: court claim
Greensill Capital’s key insurance agency did not have approval from regulators to act as an insurer when it was half-owned by $20 billion group IAG, new court documents allege.
Lex Greensill scuttles English farm project
The fallen financier says he is – for now – no longer buying a 502-acre tract of park and farmland in his home village, Saughall, amid an entrenched local rift.
July 2024
Lex Greensill accused of misconduct in UK legal twist
Details of the UK Insolvency Service’s lawsuit against the Australian emerged after the High Court in London ordered a partial release of documents.
May 2024
Lex Greensill alleges his UK pursuers were protecting David Cameron
The fallen Aussie financier alleges a media leak by Britain’s Insolvency Service, which is seeking to ban him as a company director, was politically motivated.
April 2024
GFG Alliance drags its heels on paying Greensill Capital debts
Sanjeev Gupta’s global steel group has not yet paid any of the $900 million it owes to the collapsed supply chain finance firm, despite another debt deal in March.
March 2024
‘Chose not to disclose’: Greensill Group insurers dispute claims
Lex Greensill emailed an insurance underwriter in 2017 suggesting he “step up”. Years later, that relationship is under the microscope.
Frantic emails show underwriters’ shock at Greensill Group exposure
The documents, filed in the Federal Court, also reveal Australian regulators were warned nine months before the fast-finance business imploded.
Greensill Group underwriter suffered ‘breakdowns’ in policy safeguards
The man who signed off on billions of dollars of policies allegedly went around proper process and would receive “dinners, wine bottles” without disclosure.
Greensill Group insurer allegedly asked Lex Greensill for charity donation
The key insurance man for the collapsed finance firm allegedly blamed “hubris” and “intoxication” for signing up policies that blew past his authorised limits.
UK seeks to disqualify Lex Greensill from running companies
The fallen Australian financier says he will “robustly” contest the Insolvency Service’s court action, which seeks a 15-year directorship ban.
February 2024
How IAG was sucked into Lex Greensill’s vortex, and nine other great reads
Welcome to the weekend. To start off your day, we’ve curated 10 great reads to enjoy.
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?
January 2024
Gupta’s GFG misses Credit Suisse payment after leveraging Australian arm
The steelmaking group missed an upfront cash payment, raising questions around a restructuring agreement penned in June between the company and its creditors.
November 2023
Credit Suisse has only itself to blame on Greensill, IAG claims
Funds run by the Swiss investment bank say they are out of pocket by $2.8b and should have been covered by Australian insurance.
Gupta’s InfraBuild seeks $544m in fresh debt to stave off lenders
There remains uncertainty around the consolidated group’s ability to complete the planned capital markets transaction, the Australian steel business warned.
October 2023
IAG to be hit with more Greensill-related insurance claims
US financier White Oak will allege that the insurers became aware in early-to-mid 2020 that there was, or might be, a problem with some policies.
‘Serious problems were afoot’ at Greensill’s Australian insurer
Marsh McLennan breached its own code of conduct by failing to warn White Oak of issues with Greensill’s Australian insurer, courts have been told.
August 2023
IAG discloses $7b in legal claims after Greensill Capital collapse
IAG is dealing with $7 billion in claims related to insurance provided by a former subsidiary including policies issued to collapsed financier Greensill Capital.