Credit Suisse has filed five insurance claims related to $1.17 billion. This is in exposure across two of its Greensill-linked supply chain finance funds. They had filed five claims related to $846 million in exposure for its Luxembourg-based supply chain finance fund. The bank stated in a document published on its website, meanwhile it filed two claims for its high-income supply chain finance fund related to $326 million in exposure.
The bank said that some of the claims were submitted in relation to both funds. Switzerland’s second-largest bank has been working to recover assets from the collapse of some $10 billion in funds. This is linked to insolvent supply chain finance firm Greensill. It has so far recovered some $7.2 billion of the funds. The bank has been focusing on some $2.3 billion in loans provided by Greensill. This has imploded in March, to three counterparties such as commodities tycoon Sanjeev Gupta’s GFG Alliance, SoftBank-backed Katerra, and coal miner Bluestone. In December, it filed applications seeking information through U.S. courts. That could lead to it taking legal action in Britain against SoftBank. So that they can recover funds.
Along with an application filed in California, the Swiss bank also filed for document discovery in an Arizona federal court. It said that a total $2.5 billion in late payments had accrued across its four supply chain finance funds. And, $2.2 billion of which were related to the three companies.