Business
Greensill income built on high risk – The Australian Financial Review
Greensill Capital’s biggest source of income was buying and selling invoices from risky companies that required insurance, court documents have revealed.
Lawsuits have also started, with US coal miner Bluestone Resources and its owner, West Virginia governor Jim Justice, alleging in a complaint filed in the US District Court that Greensill Capital, Mr Greensill and Greensill vice-chairman Roland Hartley-Urquhart perpetrated fraud in May 2018 under the guise of establishing a long-term financing arrangement with Bluestone when lending the company $US850 million.
Buying receivables or invoices from high-risk companies, which included junk-rated entities…
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