Zurich The Swiss credit Temporarily suspending trading in controversial funds totaling $ 10 billion. The main Swiss bank announced Monday that subscriptions and redemptions of units in supply chain finance funds will be suspended from March 1.
Credit Suisse wants to protect the interests of all fund investors who are pre-financing claims from suppliers to companies. Some assets in funds are currently subject to a great deal of uncertainty about their accurate valuation.
According to a press report, London-based finance company Greensill Capital, which helped manage funds and attract clients, is headed for a meltdown after Credit Suisse’s decision. Greensel has enlisted Grant Thornton to assist the company with a possible reorganization, the Wall Street Journal reports.
Meanwhile, Greensel is negotiating with financial investors Apollo Global The management sells its operating business for approximately $ 100 million.
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