Photographer: Markus Hibbeler / Bloomberg
Photographer: Markus Hibbeler / Bloomberg
Three more directors of it Greensill Capital has resigned as the trade finance company faces a struggle for survival after fleeing from its biggest lenders.
Chairman Maurice Thompson stepped down alongside the Chief Operating Officer of MSCI Inc. David Brierwood and Patrick Allin, according to corporate records seen by Bloomberg. They join four other board members who recently stepped down, including founder Lex Greensill’s brother.
Read more: Greensill’s nighttime demise was many months in the making (1)
A Greensill spokesman declined to comment. News of the departure was first reported by the Sydney Morning Herald.
The supply chain finance company is teetering on the brink of insolvency after Credit Suisse frozen $ 10 billion in investment funds that Greensill’s trade finance company relied on as buyers of the debt securities it issues. It is also facing a criminal investigation of its German banking subsidiary after regulator BaFIN found out Greensill Bank AG had falsely accounted for the assets of its largest client, Sanjeev Gupta’s GFG Alliance.
Read more: Greensill’s top client, Gupta sees significant sources of money evaporate
Greensill Capital is in conversation for Athene Holding Ltd. to buy its operating company and continue to provide billions of dollars in financing to Greensill customers, people familiar with the case said. Assets linked to Gupta have been excluded from the deal talks, Bloomberg News reported on March 4.
– With the help of Luca Casiraghi
Adds Greensill refusing to comment in the third paragraph