With Credit Suisse, UBS is also navigating the debacle surrounding the closed green box. Hundreds of millions of dollars more were made available for repayment last June.
As of June 7, about $200 million has flowed to clients from Credit Suisse (CS) Greensill funds, which were forcibly closed in the spring of 2021. finews.ch already mentioned. As of the end of June, another $400 million in fund positions can be converted to cash. They are also awaiting payment. This is from an update From the CS box arm (CSAM).
In the disaster surrounding the funds, which according to the latest media reports could also lead to penalties against the bank’s former managers, 7 billion out of the 10 billion outstanding client assets have been paid off. (See graphic below).
Sanjeev Gupta pays off Australian debt
CSAM, now an integral part of UBS, also made some progress in June on the remaining quarter of frozen fund assets. This is how the GFG Alliance conglomerate pushed the British Indian steel magnate Sanjeev Gupta It returned all outstanding debts from its Australian companies to the CS Greensill Funds at the end of the month.
A standstill agreement was also signed with US mining group Bluestone in June, under the terms of which the troubled Bluestone company will also make regular payments to the funds.
$4 billion in additional appropriations
The payment agent for the return of assets is actually UBS. With the acquisition of CS, the big bank also took over its legal issues; The Greensill disaster is among other things the subject of class action lawsuits in America. UBS has made additional provisions for legal risk of $4 billion in light of CS’ legal legacy.
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