Parliament needs to hear from Greensill Capital and its lobbyist Julie Bishop so it can understand how an Australian company was able to provide such a predatory product - with the help of a former deputy leader of the Liberal Party.
The UK’s audit regulator will probe the auditors for Greensill Capital and Sanjeev Gupta’s Wyelands Bank following the collapse of the trade finance specialist.
Greensill Capital founder Lex Greensill will be publicly grilled by British politicians this week.
Four of the five living former prime ministers – David Cameron,Tony Blair,Gordon Brown and Sir John Major – are likely to be called to give evidence in public along with Lex Greensill.
Lex Greensill,the founder of Greensill Capital,could be hauled before public examinations by liquidators as they probe the reasons behind the $9 billion company’s unexpected collapse.
Administrators told the first meeting of creditors that no ‘rescue package’ or deed of company arrangement had been put forward to save the group from liquidation.
Credit Suisse warned it may have to book a charge over its dealings with Greensill,as scrutiny grows over its relationship with the Anglo-Australian finance firm that collapsed into insolvency.
This high-flying financier came back to earth with a thud this week as his shadow banking company,once valued at $9 billion,went into administration.
Credit Suisse Group froze four more funds that invested in the bank’s $US10 billion ($12.9 billion) supply chain finance strategy,adding to the widening scandal surrounding the bank’s exposure to Greensill Capital.
The funds’ troubles are a blow for Credit Suisse boss Thomas Gottstein,who became chief executive in the aftermath of a spy scandal and just as the coronavirus crisis struck.
Apollo is still eyeing the best bits of failed financier Greensill while the group’s biggest customer,entities owned by billionaire Sanjeev Gupta says its got enough cash.