Greensill Supply Chain Empire Unravels as Backers Show Doubt

(Bloomberg) — Lex Greensill’s multi-billion dollar empire was left reeling after it lost a key source of funding and his biggest backer signaled doubts about the value of his namesake trade finance business.

Credit Suisse Group AG on Monday froze a group of supply-chain-finance funds that it ran with help of the financier, citing “considerable uncertainty” about the valuations of some of the holdings. The funds combined held about $10 billion in assets, most of it in Greensill-sourced securities.

Separately, SoftBank Group Corp.’s Vision Fund has substantially written down its $1.5 billion holding in Greensill Capital, and is considering dropping the valuation to close to zero, according to people familiar with the matter. The writedown occurred at the end of last year, said one person.

The firm is now fighting for its survival, according to Dow Jones, which reported that Greensill could file for insolvency within days. It’s simultaneously in

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PwC Hit by $40 Million Lawsuit From Botswana Supermarket Chain

Choppies branded long-life shopping bags hang on display inside a Choppies supermarket.

Photographer: Waldo Swiegers/Bloomberg

Two senior executives at Botswana supermarket chain Choppies Enterprises Ltd. are suing former auditors PwC for 653 million rand ($40 million) for not signing off on the company’s 2018 accounts, which led to a share price collapse.

Choppies Chief Executive Officer Ramachandran Ottapathu and Executive Director Ismail Farouk allege that PwC didn’t complete the audit in part to pressure the company to hire PwC director Rudi Binedell as head of finance, according to a statement issued on behalf of the directors. The duo filed the lawsuit at the High Court in Gaborone, Botswana’s capital.

Choppies said in September 2018 that it was working with PwC to assess a number of past accounting practices, including around previous acquisitions, that needed independent verification and legal analysis. That would delay the release of earnings, the

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