Financing group Greensill Capital, which is backed by Japan’s SoftBank Group and...
- Financing group Greensill Capital, which is backed by Japan’s SoftBank Group and General Atlantic of the U.S., last year provided a false statement to market participants relating to bonds it had issued in 2017 on behalf of commodities tycoon Sanjeev Gupta.The May 2018 statement made to bond market investors and brokers said the Scottish government had approved a guarantee related to a hydro power plant in Kinlochleven owned by Gupta’s GFG Alliance, which the bonds were secured against.
The false statement marks the latest development related to a series of GFG bonds purchased by GAM fund manager Tim Haywood, who was suspended and then dismissed following an internal whistleblower alerting UK regulator the Financial Conduct Authority. “GFG did not mislead anyone as to the nature of its discussions about additional Scottish government guarantees. GFG has never informed any party that any such guarantees had been put in place, and we are clear that the Scottish Government made no such guarantees,” said GFG, which is the umbrella group for the Gupta family’s metals, power and banking interests.
The asset manager said: “GAM continues to value its on-going relationship with Greensill, as reflected by our joint supply chain finance fund.” A spokesman for Haywood said on Friday that the former GAM fund manager denies any wrongdoing. In an April statement to media, Haywood said that the GFG bonds had delivered the profits for fund investments that he anticipated “even if the realization has been slower than I had expected.”Australian Lex Greensill, a former banking executive, founded his financing firm in 2011.
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