Bremen lawyers say three unnamed people charged with crimes relating to bankruptcy and misrepresentation of bank’s finances
German prosecutors have brought criminal charges against three people involved in running Greensill Bank for their role in the 2021 collapse of the lender.
The Bremen public prosecutor’s office said the unnamed people were charged with crimes related to the bankruptcy, as well as the misrepresentation of the German bank’s finances.
The people are alleged to have circumvented banking regulations involving a €2.2bn (£1.9bn) refinancing in 2019 of steel plants owned by the Gupta Family Group Alliance (GFG), a struggling group of companies overseen by metals tycoon Sanjeev Gupta. The prosecutors alleged the refinancing caused the collapse of the bank.
Greensill Bank was founded by Lex Greensill, an Australian financier who rose to prominence by providing supply chain finance, in which companies receive advances on invoices in exchange for a fee.
