According to the Financial Times, Credit Suisse accepted “suspicious invoices” as collateral for a $140 million loan to the since-collapsed Greensill Capital firm in 2020.
This content was published on
2 minutes
FT/AWP/dos
Português
pt
Empréstimo do Credit Suisse à Greensill foi baseado em garantias questionáveis
The newspaper reportedExternal link (paywall) on Monday that invoices issued by the Liberty Commodities firm – owned by Indian magnate Sanjeev Gupta – formed part of the collateral for the emergency loan, but that several of the parties named on the invoices said they had not done business with Liberty.
Following on initial revelations about Liberty and Greensill last year, the FT reported that the firms Cargill, Mitsui Bussan Metals, Toyota Tsusho Asia Pacific and Itochu Singapore said they had no record of any transactions with Liberty Commodities.
Three other companies, contacted by the newspaper, refused to comment or were unavailable for comment, the FT wrote.
Although the $140 million loan has since been paid back, the newspaper writes that “the apparent failure to spot that suspicious invoices were pledged as collateral casts fresh light on risk management failures at Credit Suisse.”
More
More
Credit Suisse says Greensill recovery will cost clients $291m
This content was published on
Credit Suisse warns clients that efforts to recover the money it lent via failed finance company Greensill Capital will cost $291 million.
In spring 2021 Credit Suisse was hit hard when Greensill, a supply chain finance firm with whom it was involved, collapsed. The bank has since managed to recoup some $7.4 billion of a joint $10 billion fund.
A spokeswoman for Switzerland’s second-biggest bank told the AWP news agency on Monday that “Credit Suisse Asset Management has continued to work tirelessly on the recovery of cash for investors in the supply chain finance funds”. A written statement added: “the recovery of the bridge loan made to Greensill Capital, in full, plus interest owed, is further evidence of our absolute determination to seek recourse from this matter wherever we can.”
The bank did not comment on the most recent Financial Times report.
Popular Stories
More
Life & Aging
Switzerland no longer wants to foot the bill for ‘suicide tourism’
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
This content was published on
Two fish species recently discovered in Switzerland have been called fluvicola and ommata, following an appeal to the public for names.
Convicted ex-shipowner achieves partial success in Swiss court
This content was published on
The Federal Supreme Court orders lower court to reassess part of its verdict against former Swiss shipowner Hans-Jürg Grunder.
This content was published on
A Swiss moratorium on the genetic engineering of plants, which expires at the end of 2025, could be extended for five years.
SWISS airline achieves second-best profit in history
This content was published on
Revenues soared for Swiss International Air Lines in 2024, contributing to the second-largest profit in the company's history.
Switzerland to collect data from non-Schengen visitors
This content was published on
The data of travellers from non-Schengen countries will be automatically recorded at the borders of member countries, also Switzerland.
Credit Suisse sacks managers over Greensill scandal
This content was published on
The Credit Suisse bank has fired the managers overseeing a multi-billion-dollar strategy linked to funds of the failed Greensill Capital.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.