UK government seeks to disqualify Lex Greensill as a director
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The news: The UK government has brought a High Court action to bar the founder of collapsed firm Greensill Capital, Lex Greensill, as a director.
The context: Originally hailing from Bundaberg Queensland, Greensill founded his eponymous supply chain finance company in 2011, and achieved unicorn status with a General Atlantic investment in 2018. By 2019, the firm was valued at USD3.5 billion ($5.29 billion) after Softbank invested USD800 million. However, Greensill’s success was short-lived, and the company collapsed in 2021 amid a lobbying scandal that embroiled leading financial institutions and politicians including former UK prime minister, David Cameron.
The action brought on Thursday comes as the UK’s insolvency Service completed an investigation into the company’s collapse. If found guilty, Greensill could be barred from holding directorships for up to 15 years.
Greensill filed a case against the Department for Business and Trade over the alleged “misuse of private information” earlier this week.
The sources: Financial Times, CityAM
