Greensill Capital Founder apologises for collapse of firm
What has happened?
The FCA has disclosed in May 2021 that it is investigating how two Greensill companies failed, and how one of them was overseen by US-based Mirabella Advisers LLP, which arranged for Greensill Capital Securities Ltd to sell products in the UK as an appointed representative. In March 2021, Mirabella ended its AR relationship with Greensill, which had been in place since 2017.
CEO Nikhil Rathi has said that there have been a number of allegations about the circumstances in which Greensill failed, “some of which are potentially criminal in nature”. It is understood that the FCA is also co-operating with counterparts in other UK enforcement and regulatory agencies, as well as with authorities in a number of overseas jurisdictions.
The AR’s main business was the unregulated activity of supply chain finance (also known as reverse factoring), which ensures speedy payment of suppliers by their customers.
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