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About: http://data.cimple.eu/news-article/7de456e4139a37912533fcd07ef75c985f6f00a79d41b62bb5d1d2d1 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's financial watchdog said Wednesday it froze the operations of the German banking subsidiary of troubled British group Greensill Capital, citing an "imminent risk" of over-indebtedness. The move comes as the parent company of Greensill Bank is preparing to file for insolvency, according to the Financial Times and Bloomberg News. German regulator Bafin said it had placed an immediate "moratorium" on payments in and out of the Bremen-based bank, essentially closing down its business, "as there is an imminent risk that the bank will become over-indebted". In its statement, the watchdog expressed concern about accounting irregularities at Greensill Bank, including in dealings with the GFG Alliance Group headed by Indian-British billionaire Sanjeev Gupta. "During a special forensic audit, Bafin found that Greensill Bank AG was unable to provide evidence of the existence of receivables in its balance sheet that it had purchased from the GFG Alliance Group," Bafin said. Bafin said Greensill Bank's total assets amounted to 4.5 billion euros at the end of 2020, and the bank therefore does not pose a systemic risk to Germany's financial system. The bank describes itself as a refinancing institution for the Greensill group, which is itself a leading provider of short-term supply-chain financing for industrial firms, Bafin said. The regulator added that under German law, deposits at the Bremen bank are guaranteed up to 100,000 euros per customer. bur-mfp/hmn/lth
schema:headline	German regulator freezes Greensill Bank operations
schema:mentions	Systemic risk Financial Times Bloomberg News Supply chain Forensic science Bremen Accounting Industry Audit Billionaire Germany GFG Alliance Imminent Risk Brit Award for British Group Sanjeev Gupta Hoover Moratorium Insolvency Balance sheet The Move
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-03 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	83 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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