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As we wrote earlier, Greensill Capital was incorporated in 2011 and previously received investments of $1.5 billion through the SoftBank Vision Fund. Greensell, which was taking traditional banking in a new direction, was also worth $4 billion. The company is the so-called. It sought a breakthrough in supply chain finance by providing companies with short-term credit. These cash advances were sold by the company wrapped in bond-like securities to its investors, who could thus earn a higher return than if they kept their money in a bank deposit.
Clouds started gathering around the head of the startup when it started Credit Suisse announcedTo suspend four funds totaling $10 billion that held Greensell’s securities. With this, the startup practically lost one of its main financial resources. Credit Suisse fundamentals also emerged as pension funds, corporate coffers, and wealthier families as investors.
The bank decided to suspend due to uncertainty about the pricing of funds in the funds. Previous news was that the financial institution did not like the fact that Greensell had a major exposure to one client, steel magnate Sanjeev Gupta and his business.
However, the suspension of the $10 billion Credit Suisse fund led to the collapse of Grencelle, which also led to regulatory action in Switzerland, the United Kingdom and the United States.
Of the $10 billion in managed funds, $7 billion has been recovered so far, but the bank previously indicated that $2.3 billion of this would be difficult to recover and that an additional $400 million could cause problems when lent. small trade.
Credit Suisse’s original plan was to announce exactly what business topics were linked to Grensel and to what extent its decision led to the collapse of the company, but the Swiss authorities organized a raid on the bank’s headquarters in Switzerland, so the report was postponed. According to the sources, the Deloitte and Walder Wyss report was supposed to be released in parallel with the release of the third quarter numbers next month.
Cover photo: Shutterstock
