Sigrún Davíðsdóttir's Icelog

Greensill’s 2014 private loans to related parties

with 12 comments

Having learned about finance from the collapse of the three largest Icelandic banks in 2008, I’m always curious to see companies rapidly enjoying an incredibly rapid success only to drop into ignominious bust. The latest is Greensill Capital. Lex Greensill was clearly good at building relationships and generosity is one way of doing it. Buried in Greensill Group’s accounts are generous loans to people connected to Greensill. 

To begin with, Greensill’s companies were just like thousands of others UK companies registered in Company House, i.e. not much going on. The annual accounts for 2013 were filed as “accounts for a small company,” signed by Grant Thornton. The auditor for the first two Greensill companies, Grant Thornton resigned in July 2015, no reason given.

The auditors for the accounts of Greensill’s main UK company, Greensill Capital (UK) Ltd, for the following years, from 2014 to 2019, the last one available, was Saffery Champness, a top 20 firm of Chartered Accountants and Registered Fiduciaries but nowhere near the Big Four.

There are thirteen companies registered in the UK, related to Lex Greensill, three of which are in administration according to Company House. And in one of these is a story of very generous loans to people related to the Greensill sphere.

The story of the London beginnings: private loans

According the 2014 accounts, Lex Greensill was the ultimate controlling party of the Greensill Capital (UK) Ltd and his Australian Greensill Capital Pty. Ltd the ultimate parent company.

The 2014 accounts tell various interesting stories. One of them, from the accounts for the Australian mother company shows loans to related parties, in total almost AU$100m, quite a bit at the time when Greensill’s UK profit was AU$1,6m. Also, the loans started in 2013.


Greensill loans

Like Lex Greensill, David Brierwood is a former Morgan Stanley banker. He was a director of the UK Greensill Capital from January 1 2015 until January 22 2018, according to Company House. Brierwood fits into Greensill’s political newworking, which could have been hugely important for his business. Brierwood was a Crown Representative at the Cabinet Office from October 2014 to June 2018, according to his LinkedIn profile, as The Guardian has pointed out.

In 2014, Brierwood had profited from a private loan from Greensill’s Australian company. It seems safe to conclude that SD Brierwood might be a close relative of Brierwood.

It is interesting to note that the Brierwoods combined loan is AU$12,192,000 – the same amount that two other companies got. Maurice Thompson is another Greensill director, who was with Greensill from September 25 2015 until he resigned on the same day as Brierwood. V Thompson might be Vivien Thompson.

Columbiana Restaurant 1 LLC has been (as documented in 2001) owned by John E Gorman, an American entrepreneur, who was a Greensill director until February this year. By far the highest loan, in addition to the Columbiana loan, seems to have been for Gorman.

Fairmac Realty Corp is a Delaware company, apparently a subsidiary of CBI Industries, a holding company for oil and gas, forestry, waste water and real estate, with no visible connection to Greensill. Who M & S Carusillo are is unclear.

There is a Las Vegas asset management company, called Ratamacue Corp, among shareholders in the Australian Greensill company. The man behind the Las Vegas company is David Solo, an elusive player in international finance, who apparently in 2015 introduced Lex Greensill to GAM, where Solo had worked. The GAM connection was a massive boost for Greensill massively but less profitable for GAM, another intriguing chapter in the Greensill saga. Given the Greensill rise, this connection to Solo is quite intriguing.

There are more than one US companies with the name of Two Iron LLC; not quite clear which company it is and what the connection is to Greensill. RB Ferrin I couldn’t relate to anything. Greensill Melons Pty is a company related to his farming family, from whose financial interests he has been distancing himself from lately.

PS There are many ways to look at the Greensill demise – one way, is to see it as yet another chapter in the SoftBank Vision Fund saga…

Follow me on Twitter for running updates.

Written by Sigrún Davídsdóttir

April 16th, 2021 at 9:24 pm

Posted in Uncategorised

12 Responses to 'Greensill’s 2014 private loans to related parties'

Subscribe to comments with RSS or TrackBack to 'Greensill’s 2014 private loans to related parties'.

  1. […] was one of those insiders Greensill was carefully cultivating. As pointed out earlier on Icelog, Brierwood benefitted from a generous loan from the Australian Greensill company in 2014 of […]

  2. I just wanted to make a quick comment in order to appreciate you for all of the amazing steps you are giving out on this site. My particularly long internet look up has now been honored with awesome knowledge to go over with my friends. I ‘d state that that most of us site visitors are definitely lucky to exist in a magnificent community with so many marvellous individuals with valuable suggestions. I feel extremely lucky to have encountered your entire website and look forward to some more enjoyable moments reading here. Thanks again for everything.


    19 Sep 22 at 12:54 am

  3. I definitely wanted to compose a brief note to say thanks to you for those superb techniques you are placing here. My incredibly long internet look up has now been paid with useful strategies to exchange with my companions. I ‘d admit that we site visitors actually are undeniably endowed to exist in a fabulous network with many wonderful professionals with interesting strategies. I feel pretty fortunate to have encountered the website page and look forward to so many more fabulous moments reading here. Thanks once again for all the details.

    kd 12 shoes

    21 Sep 22 at 7:45 pm

  4. I as well as my pals appeared to be looking at the nice tips and hints found on your web page and then came up with a horrible suspicion I never thanked the website owner for those tips. Most of the women are actually excited to read through all of them and now have clearly been taking advantage of these things. I appreciate you for simply being indeed kind and for picking out varieties of great subject matter most people are really needing to know about. My very own sincere apologies for not expressing gratitude to you sooner.

    nike sb dunk low

    21 Sep 22 at 10:09 pm

  5. I would like to express my affection for your generosity supporting folks that need help with this one study. Your special dedication to passing the solution throughout came to be especially beneficial and has really allowed somebody much like me to arrive at their objectives. Your entire useful report can mean a lot a person like me and much more to my office colleagues. Many thanks; from all of us.

  6. I actually wanted to jot down a quick remark to be able to appreciate you for all of the great pointers you are placing at this website. My time consuming internet research has at the end been honored with reasonable information to share with my visitors. I would tell you that many of us website visitors are unquestionably fortunate to dwell in a fantastic website with so many special individuals with great solutions. I feel pretty happy to have seen your web site and look forward to plenty of more awesome minutes reading here. Thanks a lot again for a lot of things.

    kyrie 7

    22 Sep 22 at 5:47 am

  7. I enjoy you because of all of your labor on this site. Debby takes pleasure in setting aside time for internet research and it’s really easy to see why. Most people notice all concerning the powerful ways you render simple secrets through this web site and as well as strongly encourage contribution from website visitors on that issue then our daughter is without a doubt studying a whole lot. Have fun with the remaining portion of the new year. You’re the one doing a brilliant job.

    kyrie 6 shoes

    22 Sep 22 at 11:44 am

  8. Thank you a lot for giving everyone remarkably memorable possiblity to read from here. It is often so excellent and stuffed with a lot of fun for me and my office colleagues to visit your website no less than 3 times weekly to see the fresh issues you have. And definitely, I am at all times amazed considering the great inspiring ideas you give. Certain 3 areas in this posting are absolutely the most efficient we have all had.

    off white

    22 Sep 22 at 7:15 pm

  9. I simply wished to say thanks once more. I do not know the things that I could possibly have handled without the actual tricks contributed by you relating to such industry. It has been a alarming matter in my position, nevertheless observing the very specialised avenue you solved it forced me to leap with contentment. I’m just grateful for this help and even have high hopes you know what a powerful job you were providing teaching men and women with the aid of your web blog. I am certain you haven’t got to know all of us.

    kd 15

    23 Sep 22 at 5:31 am

  10. I want to get across my respect for your generosity giving support to persons that actually need help with that area of interest. Your real dedication to getting the solution around appears to be especially useful and have usually enabled others like me to get to their pursuits. Your warm and helpful advice indicates a great deal to me and much more to my colleagues. Best wishes; from all of us.


    23 Sep 22 at 8:30 am

  11. I definitely wanted to jot down a simple note in order to appreciate you for all of the splendid techniques you are sharing on this site. My extensive internet research has now been rewarded with reputable facts and techniques to talk about with my family. I would admit that we website visitors are extremely lucky to exist in a really good website with many brilliant people with beneficial secrets. I feel pretty blessed to have encountered your entire website page and look forward to plenty of more excellent times reading here. Thanks a lot again for a lot of things.

    yeezy shoes

    23 Sep 22 at 9:19 pm

  12. Thank you a lot for giving everyone remarkably superb possiblity to check tips from this blog. It can be so pleasurable and packed with a good time for me personally and my office mates to search your web site no less than thrice weekly to learn the fresh things you have got. And definitely, we’re certainly motivated with the astonishing opinions you give. Certain 4 areas in this post are undoubtedly the very best I’ve had.

Leave a Reply