A new lawsuit puts renewed questions on IAG’s oversight of the risks a half-owned insurance agency was signing up for.
Credit Co, was crucial in helping fuel the rise and fall of the Greensill supply chain financing business, which collapsed spectacularly in 2021.
A new Federal Court lawsuit filed by the insolvency administrator of Greensill Bank examines an insurance policy the bank had allegedly signed up via BondCredit Co to say it had the authority to sign such trade credit insurance contracts. Atlantic 57 defaulted and in May last year, the bank submitted an insurance claim for $US39.9 million . IAG had “failed to pay the amount” and this was unreasonable, the bank’s lawsuit alleged.
“Their stake was allegedly routed” through Atlantic 57 and Grenda, Mavin wrote in the book. New York real estate publicationalso covered their purported involvement, reporting that the oligarchs were from the telecommunications sector.Both BVI-incorporated companies also featured in the Panama Papers leaks of corporate documents from controversial law firm and services provider Mossack Fonseca.
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