FT CollectionsGreensill CapitalThe unravelling of the finance company backed by SoftBank and advised by former UK prime minister David Cameron© FT montageGreensill creditors focus on insurance test caseInvestors struggling to recoup billions from failed supply chain lender wait to see if patchwork of policies will pay outSanjeev Gupta’s auditor quit after lack of evidence to complete workKing & King resigned after director rejected proposal to issue disclaimer saying there was ‘insufficient information’ for auditsCredit Suisse says Greensill recovery will cost clients $291mnSwiss bank is braced for five years of court battles and disputed insurance claimsGupta’s GFG faces insolvency hearing after Credit Suisse ends settlement talksMetals group had borrowed $1.3bn from Swiss bank’s clients to finance sprawling empireUK fraud agency intensifies probe into Sanjeev Gupta’s GFG AllianceSFO request documents and interview staff as part of continuing criminal investigationCredit Suisse angers investors with five-year ‘hard grind’ on Greensill lossesInvestors, insurers, debtors and the Swiss bank are in a war of attrition More from this SeriesGreensill Capital accused of fraud as battle to recoup losses intensifiesTokio Marine says insurance policies ‘fraudulently obtained’ while Credit Suisse says litigation could last five years Greensill offered GAM share options as it pitched for fundingSwiss fund manager was offered 12.5 per cent stake in finance firm in 2016Credit Suisse disputes SoftBank chief’s account of Greensill dealSwiss bank claims ‘material discrepancy’ between Masayoshi Son’s words and email from Lex GreensillCredit Suisse fires two managers responsible for Greensill funds More departures expected as bank prepares to publish findings of probe Departing Credit Suisse executive could face $10m clawback Eric Varvel was proponent of the Greensill Capital-linked supply-chain finance funds that unravelledScottish government raises provision on Gupta guarantee to £161mHigher security package underlines risks from controversial £586m taxpayer-backed guarantee given to industrialistGreensill gave neighbour’s business a taxpayer-backed Covid loanLex Greensill and businessman Barnabas Borbely lobbied local council to adopt controversial supply-chain finance modelFrench prosecutors investigate Sanjeev Gupta’s business empireUK metals magnate’s operations probed over allegations of ‘misuse of corporate assets’ and ‘money laundering’Watchdog finds no evidence Greensill NHS scheme benefited taxpayerFindings from National Audit Office probe into collapsed lender undercuts claims of £100m annual savingsMastercard bets on supply chain finance despite Greensill collapseUS payments giant launches lending product with UK tech company DemicaGrant Thornton to charge more than £20m for Greensill administrationFirm’s fee forecast now represents close to 5 per cent of its entire UK annual revenuesCredit Suisse angers Greensill investors with free services offerRefunds proposed for clients who have not initiated legal claims, and perhaps for those who drop themAmerican Industrial Partners: the buyout firm taking on Sanjeev Gupta Little-known US company says it has taken control of industrialist’s top European asset Credit Suisse report into Greensill failings hit by delaysStakes have raised considerably for the Swiss bank after its headquarters were raided by policeSanjeev Gupta vows legal action over ‘predatory’ seizure of aluminium smelterFrench union ‘disillusioned’ with GFG but nervous about new private equity ownerGupta parties as GFG’s problems pile upEmbattled metals magnate celebrates his birthday in lavish style while his business faces an uncertain futureCredit Suisse offices raided over Greensill fundsSwiss police seize documents related to collapsed supply-chain finance firm Sanjeev Gupta fights for control of Europe’s largest aluminium smelterUS private equity firm AIP claims to have acquired French asset, thwarting Glencore-led bailoutGFG’s timetable slips for refinancing $5bn of Greensill debtCooling commodity markets threaten Sanjeev Gupta’s battle to preserve his sprawling metals conglomerateCredit Suisse charges investors to prop up Greensill CapitalClients facing billions in losses are furious but Swiss bank cites need to keep collapsed company ticking over to recoup fundsCredit Suisse appoints new compliance chief after Greensill and Archegos crisesOverhaul at top of bank continues as it attempts to move on from scandals Sanjeev Gupta’s GFG in talks with White Oak over European operationsUS group has already stepped in with financing for metals group’s Australian arm Greensill loan sets up battle for control of US car start-upSoftBank vies for control of Santa Monica-based Fair with the leasing group’s founderJay Hambro, the ‘ultimate salesman’ behind Sanjeev Gupta’s GFGMetal magnate’s deeply connected right-hand man opened doors to politicians and global banksJay Hambro to leave Gupta’s GFG after clash over aluminium saleTycoon’s loyal lieutenant on ‘gardening leave’ and no longer taking active role in metals groupHow SoftBank’s dalliance with Greensill ended in disasterAfter coming unstuck on WeWork, the Japanese group pulled out all the stops to save its next investmentHow civil service chief Heywood opened the door to Lex Greensill Long-awaited report by lawyer Nigel Boardman draws claims of ‘cover-up’ from Labour Greensill scandal is about more than sleazeThe Treasury and regulators need to consider their responsibilities Greensill Capital paid Cameron salary of more than $1m a yearFormer prime minister said to have made in excess of $40,000 a day from collapsed finance firmGupta fights lender’s efforts to seize control of aluminium millMetals magnate’s fresh legal battle with US private equity firm set to complicate Glencore dealGreensill used taxpayer loans to cut exposure to Sanjeev GuptaLender resorted to scheme after regulators warned about risky lending to steel groupSanjeev Gupta in talks with Glencore over loan Commodity trading house seeks to refinance debt at metals magnate’s aluminium business as market boomsGupta wins reprieve from legal action to shut down some of his companiesIndustrialist given a three-month delay as lenders adopt a more consensual approachGreensill sent all loans under government scheme to Gupta-linked companiesEight businesses that borrowed from firm under taxpayer-backed programme revealedCredit Suisse readies insurance claims on Greensill lossesPolicies that were a vital component of Greensill’s securitisation machine will be testedGreensill scandal spurs call for tighter curbs on ex-officials entering private sectorUK anti-corruption watchdog seeks up to 5-year ban on lobbying by former ministers and civil servantsHK fund takes action on alleged unpaid debts by Gupta’s GFG AllianceTransAsia is claiming more than $71m from GFG’s trading arm How Credit Suisse wooed Sanjeev Gupta before a bitter divorceThe Swiss bank ignored red flags as it financed the British industrialist’s Sydney mansion and chased deal feesTrafigura warned Credit Suisse over Gupta invoice last yearCommodities trading house raised concern in July 2020 over a bill it apparently owed one of industrialist’s companies Credit Suisse plots lawsuit against SoftBank over GreensillDispute between bank and tech investor centres on US construction group Katerra How Swiss asset managers opened their doors to Lex Greensill Adviser David Solo played key role as GAM and Credit Suisse funded group’s expansion Credit Suisse compliance chief was warned about GuptaThomas Grotzer promoted despite being one of several staff to whom concerns had been raisedUK government confident buyer will be found for Gupta’s steel factoriesBusiness secretary Kwasi Kwarteng tells MPs the 3 plants put up for sale are ‘good assets’Italian bank collapses on exposure to Greensill and GFGAigis Banca was ordered into liquidation by the Bank of Italy, with its assets transferred to a rivalNational Crime Agency involved in Gupta bank probe, BoE governor saysAndrew Bailey tells MPs the NCA was informed of investigation over concerns about transactions with ‘certain parties’GFG to sell three UK steel plants as it seeks Credit Suisse debt dealAgreement over refinancing could pave the way for restructuring of Gupta’s businessSanjeev Gupta moved part of Scottish loan away from struggling steel plant Just over £2m of taxpayer funds were transferred to elsewhere in the industrialist’s empireTokio Marine defends governance over Greensill exposureInsurer’s subsidiary provided billions of dollars of cover to collapsed supply chain finance groupBritish Steel’s Chinese owner sets sights on Gupta’s UK plants Jingye Group tells government it is ready to take on parts of Liberty Steel if industrialist fails to find fresh financingGreensill critic Myners discussed taking role at firm, emails showFormer city minister inquired about position after likening company to a Ponzi schemeGrant Thornton was forensic auditor on Greensill-GAM probeAccountancy group had complex interests regarding collapsed finance groupEuler Hermes sold business fraud policy to Greensill BankDisclosure comes after insurer had pulled away from providing trade credit insurance Credit Suisse under growing pressure to compensate clients over GreensillThe collapse of the supply chain finance firm has hurt more than 1,000 of the bank’s customersWhite Oak: why the ‘white knight’ is so attached to Gupta’s metals groupWould-be rescuer has existing ties to GFG Alliance but wobbled after an SFO announcementSerious Fraud Office probes Gupta’s GFG as rescue talks collapseInvestigation to look at suspected fraud, fraudulent trading and money laundering and GreensillCameron defends his lobbying of ministers for Greensill CapitalFormer prime minister refuses to say how much money he had expected to make with finance groupSanjeev Gupta’s Wyelands Bank teeters under weight of bad debtRegulators forced lender to repay hundreds of millions of pounds to depositors Grilling looms for David Cameron after MPs press Lex GreensillFinancier denies he is a ‘fraudster’ as former prime minister’s lobbying messages released UK regulator investigates collapsed Greensill CapitalMove revealed in documents released by MPs, which also show extent of Cameron’s lobbying on behalf of groupCan Sanjeev Gupta escape the crisis engulfing his business?The steel magnate has an uphill battle to refinance after Greensill’s collapseHow Lex Greensill helped sow the seeds of Carillion crisisSupply chain finance scheme launched in 2012 helped failed contractor mask mounting debtCredit Suisse casts doubt on Sanjeev Gupta’s £200m bailout loanSwiss bank’s clients are owed $1.2bn by the metals magnate and lender says it has not been contacted about the plan Sanjeev Gupta agrees new funding for Australian assets Agreement comes as Liberty Steel appoints advisers to its board to speed up a restructuringSanjeev Gupta’s ‘spiritual home’ Whyalla left on edge by crisisConcerns intensify in Australian city revived by metals mogul as his funding dries up Gupta and Greensill inquiries are not enoughThe FT has reported evidence meriting an SFO investigationThe tiny audit firm that signs off Sanjeev Gupta’s empireBased over a row of shops, King & King audits more than 60 of the steel magnate’s companies Invoices to ‘Friends of Sanjeev’ underpinned Greensill loansBulk of business at Gupta’s Liberty Commodities was from trades within the company or with close associates Greensill tried to use NHS pay ‘gift’ as lever to sell supply chain financeOne of the collapsed finance group’s executives has since joined health service’s procurement armGreensill parent enters liquidationCreditors vote to wind up Australia-based group that collapsed under A$4.9bn of debtLiberty Steel’s Scottish plant misses interest paymentsFactory owned by Sanjeev Gupta stopped making payments on taxpayer-backed facility last yearCameron pitched Greensill’s services to German government officialFormer UK prime minister sought to lobby Berlin during official probe into Germany’s Greensill BankSanjeev Gupta explored setting up bank in PanamaMetals magnate sought help from law firm Mossack Fonseca over establishing offshore lenderGupta carved up business empire in attempt to secure UK Covid loansSteel magnate incorporated new companies in an effort to tap government’s emergency lending scheme Cameron lobbied Hancock on Greensill’s NHS pay schemeFormer prime minister spoke to health secretary about finance company’s wage provider proposalGreensill collapse tests Yorkshire steel town’s mettleUK jobs under threat as demise of Sanjeev Gupta’s lender exposes his businessSuspect Sanjeev Gupta invoices used in Greensill loans raise fraud concernsSix companies named in invoices and Credit Suisse fund documents deny doing business with steel magnateCameron tells friends he made mistake over Greensill texts to SunakAllies of former UK prime minister claim he barely knew financier while he was in Number 10 Supply-chain finance: a new spin on a prehistoric ideaThe collapse of Greensill Capital has put the spotlight on a form of financing that dates back to Bronze Age MesopotamiaGupta’s eastern Europe steel plants scramble to pay €100m carbon billCO2 credit shortfall is latest sign of financial strains facing businessman’s GFG Alliance empireCommodities groups investigate web domains linked to GFG AllianceFT uncovers further indications of companies with ties to Sanjeev Gupta’s troubled steel empireGreensill Capital’s administrator unable to verify Gupta invoicesExclusive: Grant Thornton has received denials from companies listed as debtors to steel groupSanjeev Gupta denies debts are due ahead of crunch meetingMetals magnate pledges not to shut down any steelworks as legal pressure mountsSanjeev Gupta faces winding-up orders in London insolvency courtCitigroup files applications against some of the metals tycoon’s businessesThe case for a rescue of Liberty Steel assetsPrice of any support for the plants should be the exit of Sanjeev GuptaLex of Arabia: how Greensill and Cameron tried to woo MBSFinancier boasted of desert trip with former prime minister and Mohammed bin Salman Sanjeev Gupta seeks £170m government bailoutSprawling metals and industrials group in race for rescue financing after Greensill collapseTokio Marine says no material Greensill risk in new financial yearJapanese insurer moves to quell market speculation it will take significant hit from fiascoMarsh & McLennan scrutinised over role in Greensill collapseInsurance broker was responsible for finding cover for finance group against non-payment by its borrowersHow Sanjeev Gupta lived large on the back of rickety financing Mansion is latest purchase by ‘saviour of steel’ whose empire received taxpayer loansThe finance inventor whose vision blurred at Greensill CapitalFormer vice-chair Roland Hartley-Urquhart filed for a patent on supply chain finance more than 20 years ago Cameron lobbied for Greensill access to Covid loan schemesFormer UK prime minister urged bigger role for group but Treasury remained reluctantThe Australian underwriter who provided Greensill Capital’s lifelineGreg Brereton was later dismissed from The Bond & Credit Co after being accused of breaching risk limitsCredit Suisse warns over hit from Greensill collapse Swiss lender says it may have to take a charge related to the failed supply-chain finance groupGreensill Capital borrowed almost €100m from its own bank before collapseRevelation raises new questions as related party transactions are strictly limited under German lawApollo ends talks to buy parts of Greensill CapitalUS private equity firm was interested in finance group’s intellectual property, IT systems and Finacity armWhen is Greensill a systemic risk?Looming fight between lenders, banks, insurers and investors looks very like the fallout from 2008Greensill painted a rosy picture as it sought $1bn before collapseCiti, Credit Suisse and Allen & Overy advised firm as it chased private equity cash Sanjeev Gupta’s metals businesses miss UK tax paymentsIndustrialist tells UK unions that collapse of Greensill Capital has created a ‘challenging situation’Australia’s IAG denies exposure to Greensill after share plungeInsurer’s stock price falls 10% on fears over links to collapsed supply-chain financier Greensill files for administration and warns of GFG ‘defaults’Finance group has ‘no conceivable way’ of repaying Credit Suisse loan, lawyers sayECB quizzes banks over exposure to Greensill and GuptaRegulator assesses financial stability risks as talks continue over sale of parts of finance group to Apollo The unravelling of Lex Greensill: a mix of bravado and financial alchemyThe potential collapse of the financial group could put many small businesses and thousands of jobs at riskGreensill implosion exposes risks of shadow bankingRevolutions in finance have a nasty way of ending badly, especially when they happen at breakneck speedCredit Suisse pulls plug on $10bn of frozen Greensill-linked fundsValuation uncertainty and reduced availability of insurance coverage for new investments behind bank’s decisionGreensill’s demise shines spotlight on government tiesWith links to a former prime minister, the Australian financier was close to the UK’s corridors of powerThe insurance call that toppled GreensillTokio Marine’s decision to end coverage sparked desperate response from ailing finance groupSanjeev Gupta’s GFG Alliance stops payments to stricken Greensill Metals magnate’s move comes as suppliers and politicians seek assurances over his companies German regulator files criminal complaint against Greensill BankFinancial watchdog BaFin alleges balance sheet manipulation at troubled lender with €3.5bn of depositsGreensill Capital prepares to file for insolvencyApollo Global Management is in talks to buy up parts of the businessGerman regulator steps in as Greensill warns of threat to 50,000 jobs Finance group cautions on risk to clients as it seeks insolvency protection in Australia and rescue with ApolloGreensill and supply-chain finance: how a contentious funding tool worksTechnique has troubled regulators, rating agencies and accountantsCredit Suisse lent $160m to Greensill on top of fund exposureSwiss bank’s executives worried about fallout from relationship with ailing finance groupBrookfield walks away from Sanjeev Gupta loan talksTalks with $500bn asset manager collapse as pressure grows on industrialist’s main lenderBaFin pushes Greensill Bank to reduce its exposure to Sanjeev GuptaGerman regulator concerned about SoftBank-backed lender’s level of risk linked to industrialistGreensill Capital rebuffed in search for new auditorMove comes as controversial SoftBank-backed finance company considers stock market listingSanjeev Gupta-linked companies with just 11 staff took millions in UK loans Greensill Capital provided state-supported funding to entities with ties to steel magnate “System generated truncations”: Greensill, Gupta and the hunt for the mystery holding companyThat time we tried to figure out why Credit Suisse’s supply-chain finance fund has $74m of exposure to a company that does not exist.SoftBank exits Credit Suisse funds after circular financing reviewJapanese group pulls $500m from vehicles that bet on start-ups its Vision Fund backedSoftBank invests in Credit Suisse funds that finance its technology bets Japanese conglomerate engages in circular flow of financing to Vision Fund start-upsSoftBank-backed Greensill suffers raft of client defaultsLondon-based group arranged financing for NMC Health, BrightHouse and AgritradeThe workings of Sanjeev Gupta’s empireFinancial and operational issues at his companies have cast doubt over his ambitions to revitalise faded heavy industriesVision Fund increases backing for Greensill CapitalSoftBank vehicle to invest ‘a few hundred million’ dollars more in UK finance groupHow Sanjeev Gupta’s empire is fuelled by opaque financingDisastrous debut in mainstream markets shows tycoon’s reliance on unusual fundingInvestors pull money from GAM and Greensill supply chain fundWithdrawals are the latest setback for the scandal-hit Swiss managerSoftBank Vision Fund invests $800m in UK finance group GreensillDeal will double valuation of business where David Cameron works to $3.5bnAsset management: inside the scandal that rocked GAMA bitter dispute has provoked the departure of chief executive and a star fund managerSanjeev Gupta: is the steel magnate spinning too many plates?The Liberty House chief has become one of the UK’s leading industrialists. But financing pressures could rein in his grand ambitionsGAM’s great fund unwind leaves Greensill-linked debt behindSwiss asset manager liquidates bank bonds, but is left with debt linked to start-up