Business
Lex Greensill: Credit Suisse liquidates $US10 billion funds – The Australian Financial Review
After gating four funds that were the lifeblood of Greensill’s now-collapsing $6 billion empire on Monday, the Swiss funds giant will wind them down.
Credit Suisses move came as Mr Greensill looked to complete a rapid fire-sale of his eponymous companys assets and operations to US private-equity giant Apollo Global Management, hoping to avoid a rash of insolvencies among businesses dependent on Greensill finance.
Greensills business involved lending to client companies, using invoices they are owed as security; and also paying a clients suppliers upfront before collecting the money from the client later.
This put Greensill in charge of large…
-
General14 hours agoUber driver says rideshare app tells workers to flout road rules as bill introduced
-
General10 hours agoPerson in potentially life-threatening condition after wall collapses in Brisbane’s West End
-
Noosa News6 hours agoPolice appealing for information about ‘suspicious’ Brisbane charity fire that killed 44-year-old man
-
General7 hours agoFugitive prisoner who evaded police for months charged after dramatic Alice Springs arrest