German prosecutors file lawsuit against Greensill bosses over role in bank’s collapse
AI Summary
German prosecutors have filed criminal charges against three unnamed individuals for their alleged roles in the 2021 collapse of Greensill Bank. The charges relate to bankruptcy offenses and misrepresentation of the bank's finances, specifically involving a €2.2 billion refinancing of steel plants owned by the Gupta Family Group Alliance (GFG) in 2019. Prosecutors allege the accused circumvented banking regulations and misrepresented the loan business, leading to the bank's collapse. Two of the accused were formerly on the bank's management board, and one was on its supervisory board. The Greensill collapse has triggered legal fallout, including a UK Serious Fraud Office investigation into GFG's financing arrangements with Greensill Capital UK. The collapse also caused turmoil in Gupta's companies, leading to the loss of control of several metals businesses.
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