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Administrators of British-based Greensill Capital have laid off about 440 workers following the finance firm's collapse, they said on Saturday. The job cuts were made "whilst the joint ...
(Reuters) - Greensill Capital's administrator has been unable to verify invoices underpinning loans to Liberty Steel owner Sanjeev Gupta, the Financial Times reported on Thursday.
The Greensill scandal relates to lobbying activities on behalf of the now defunct financial services company Greensill Capital, which implicated former prime minister David Cameron.
Greensill began to unravel last Monday when its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.
Greensill Capital was a financial services company based in the United Kingdom and Australia. Its main business was the provision of supply chain financing and related services. The company was founded in 2011 by Lex Greensill .
The business model used by collapsed supply chain financing firm Greensill Capital is causing a "high level of harm" and tighter rules are needed, Britain's Financial Conduct Authority said on Friday.
The Greensill scandal was a political controversy in the United Kingdom related to lobbying activities on behalf of financial services company Greensill Capital. It implicated former Prime Minister David Cameron , former Cabinet Secretary Jeremy Heywood and several other civil servants, and occurred during the COVID-19 pandemic .
Greensill's administrator, Grant Thornton, has received denials from companies listed as debtors to the steel group stating that they had never done business with Gupta, the FT report added.