Trafigura 'warned' Credit Suisse over 'suspect' GFG invoice
Commodities trading house Trafigura warned Credit Suisse over a suspect invoice from Sanjeev Gupta’s GFG Alliance in July 2020, it has emerged.
The so-called receivable, the FT reported, indicated that
Trafigura owed money to Liberty Commodities, the metal trading arm of Gupta’s
conglomerate.
Prior to going bust in March, Greensill, GFG’s main
financier, would lend money to clients and take invoices from their suppliers
or customers as collateral. It would then sell on these loans to funds, chiefly
those run by Credit Suisse.
The accounts concerned suggested that Liberty Commodities
had raised financing from Greensill against a $30m invoice to Trafigura,
meaning that investors in Credit Suisse’s funds should have made a return when
the invoice was paid.
But Trafigura executives told the lender that they did not
think this invoice was genuine, the FT reported.
Credit Suisse, Trafigura, Greensill Capital and Gupta’s GFG
Alliance all declined to comment.
The reports are the latest in a string of questions over
GFG’s financing arrangements since the collapse of Greensill.
Last month the UK’s Serious Fraud Office (SFO) launched an
investigation into suspected fraud and money laundering at GFG, including its
“financing arrangements” with Greensill.
Gupta’s business has denied wrongdoing and pledged to
co-operate with the investigation.
Comments
Post a Comment