Fallout from the Greensill scandal continues with reports that UBS AM is pursuing three companies - R.W. Chelsea Holdings Ltd., NapCap Ltd. and Ferranti Holdings - through action in the High Court of England and Wales.
As previously covered by Investment International, there have been various ongoing litigations linked to the scandal.
This latest is listed as case number CL-2025-000167, in the Commercial Court, King's Bench Division of the High Court of England and Wales, involving UBS Asset Management Switzerland AG as the claimant versus the three named defendents. While the case was filed with the court in mid-April, the litigants' filing history has been ongoing.
It is reported by Law360 that the claim of $20.6m has been brought regarding agreements from 2014 and 2015 relating to supply chain financing arrangements with Greensill Capital (UK) Ltd.
It further reports that UBS AM has brought the claim following its parent bank's acquisition of Credit Suisse. That was brought about by a deal involving the Swiss government, and Swiss financial regulatory and banking authorities in 2023.
The claim before the court alleges Greensill paid sums to NapCap Ltd. and Ferranti Holdings, with the deal obliging R.W. Chelsea Holdings to pay sums to Greensill Capital, but that it failed to pay the debt - leading UBS AM to pursue the outstanding debt plus interest or restitution.
Last year, the UK Insolvency Service confirmed it had commenced director disqualification proceedings against Lex Greenshill, with an eye to a 15 year ban on running or controlling companies.
