Skip to content
Search

Latest Stories

Greensill Capital's parent group enters liquidation

Greensill Capital's parent group enters liquidation

THE Australian parent group of finance firm Greensill Capital, whose collapse led to corporate fallout and a lobbying row in Britain, has entered liquidation on Thursday (22).

The company had filed for bankruptcy last month for its operations in Britain, and also in Australia where its parent group is based and Germany where it has a banking arm.


Greensill's collapse threatens UK jobs at companies that depended on its financing including the steelmaker Liberty Steel, owned by Indian-British billionaire Sanjeev Gupta.

The business secretary Kwasi Kwarteng told BBC Radio that Britain is giving the managers of Liberty Steel time to refinance the business after the collapse of Greensill Capital last month.

Creditors including Credit Suisse, Japan's SoftBank and the Association of German Banks met online early Thursday and "resolved to place the company into liquidation", according to a statement from administrators Grant Thornton.

The administrator provided an overview of the company to its 41 creditors and their representatives, who then voted in favour of liquidation.

Administrators will now wind down activities and attempt to sell off chunks of the business, which was founded in 2011 by Australian Lex Greensill.

"As of today, the company is now in liquidation," Grant Thornton added in the statement.

"The liquidators will continue to identify and realise available assets, monitor developments in relation to the administrations of Greensill UK and the Greensill Bank AG, and continue their investigations in relation to Greensill Capital Pty Limited in liquidation."

On the lobbying row, an independent investigation has been opened by Britain government after former prime minister David Cameron’s lobbying of Greensill Capital raised questions.

During Cameron’s tenure as prime minister from 2010 to 2016, Australian banker Lex Greensill was an adviser to the government. After leaving office, Cameron in turn became an adviser at the financial firm.

Cameron had contacted ministers directly to lobby on behalf of Greensill Capital, including sending text messages to chancellor Rishi Sunak and arranging a private drink between Greensill and health secretary Matt Hancock.

Cameron, in his response, said he had not broken any rules, but that he accepted his communication with government should have been completely formal.

Britain’s Treasury has said Cameron contacted Sunak and two other ministers in the department to ask if Greensill could have access to the government’s Covid-19 loan schemes at the start of the pandemic.

The inquiry is expected to call Cameron, Sunak and Lex Greensill to ask questions over the financial firm's collapse and the lobbying controversy.

More For You

Co-op and Bestway strike new deal to back independent retailers

Dawood Pervez (L), managing director at Bestway Wholesale and Katie Secretan, managing director of Co-op Wholesale

Co-op and Bestway strike new deal to back independent retailers

A NEW partnership has been formed between Co-op Wholesale and Costcutter Supermarkets Group (CSG) to support independent retailers across the UK.

Goes beyond the standard supply deal, it aims to bring the combined expertise and resources of both businesses together, helping local retailers compete in an increasingly tough convenience market, a statement said on Thursday (4).

Keep ReadingShow less
Nirmala Sitharaman

India's finance minister Nirmala Sitharaman said the Goods and Services Tax (GST) structure would be simplified from four slabs to two, with reductions across several sectors. (Photo: Getty Images)

India cuts consumption taxes, simplifies structure into two slabs

INDIA announced a major cut in consumption taxes on Wednesday, days after the United States imposed steep tariffs on Indian goods.

India's finance minister Nirmala Sitharaman said the Goods and Services Tax (GST) structure would be simplified from four slabs to two, with reductions across several sectors. In some cases, levies have been reduced by more than half.

Keep ReadingShow less
Jio Platforms

Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)

Reuters

Jio IPO planned for mid-2026, AI unit announced with Meta and Google

RELIANCE Industries plans to take its telecom and digital arm, Jio Platforms, public by mid-2026, chairman Mukesh Ambani said on Friday. The announcement sets a new timeline for the long-awaited IPO of a business analysts value at over $100 billion.

At its annual general meeting (AGM), Reliance also announced the launch of an artificial intelligence unit in partnership with Google and Meta.

Keep ReadingShow less
Asda tech overhaul

Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)

AFP via Getty Images

Asda boss hails tech overhaul as key to revival despite sales slump

THE chairman of Asda has admitted the supermarket chain still faces challenges after sales slipped again over the summer, but said the completion of a major IT overhaul was crucial for its recovery.

Allan Leighton told the Times that the long-delayed technology project, called Project Future, had finally been finished after years of setbacks and costs exceeding £1 billion. The work involved separating more than 2,500 systems inherited from former owner Walmart, following Asda’s 2021 takeover by TDR Capital.

Keep ReadingShow less
JLR-Getty

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England. (Photo: Getty Images)

Getty Images

UK car exports to US rebound after trade deal

UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.

According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.

Keep ReadingShow less