An investigation of Greensill Capital (Greensill) found that international insurer Tokio Marine fired a former employee last year for issuing too many insurance policies covering invoices packaged by Greensill.
Tokio Marine’s new owners sacked Bond & Credit Company (BCC) underwriting manager Greg Brereton last year, who had the authority to sign up to $10 billion of guarantees for Greensill between July 2019 and July 2020, for exceeding his limits by $6 billion to guarantee $16 billion, reported The Australian Financial Review (AFR).
A three-month investigation, conducted last year by BCC to determine the relationship between Brereton and Greensill, requested that Greensill share information on comprehensive trade credit insurance policies issued by Brereton. It found that Liberty Delta, affiliated with Sanjeev Gupta, was one of the companies mentioned in BCC’s letters to Greensill.
Other companies linked to insurance policies issued by Brereton during the investigation last year included Guazi Limited, Fair Financial Corp, CMA CGM SA and Mediterranean Shipping Company, General Atlantic, Tradeshift, and EquipmentShare.
Grant Thornton, administrators appointed to Greensill in Britain and Australia, are still investigating how many securities the company packaged, and who they were sold to in addition to Credit Suisse Asset Management and GAM, how many securities were insurance, and how much money Greensill and GFG owed each other, reported AFR.
