Greensill Sold Itself the Bulk of $15 Billion Future Receivables
- Most assets backed by future sales went to banking arm in 2020
- Lex Greensill provides detail in letter to lawmakers
Photographer: Anthony Devlin/Bloomberg
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Greensill Capital sold about $15 billion of controversial debt investments backed by future sales in 2020, mostly to its German banking subsidiary.
The insolvent trade finance firm sold more than $11 billion of the securities -- based on so-called future receivables -- to Greensill Bank AG unit last year, according to a letter from founder Lex Greensill sent to a committee of U.K. lawmakers.