ZURICH – Credit Suisse’s Chief Risk and Compliance Officer Lara Warner was not aware until late February that insurance related to British finance firm Greensill could expire on March 1, a spokeswoman said on Tuesday.
“Contrary to certain reports, the Chief Risk and Compliance Officer of Credit Suisse, Lara Warner only received the first indication of a tranche of insurance by Tokio Marine potentially expiring on 01.03.2021 exactly one week earlier on the 22.02.2021,” the spokeswoman said in an emailed statement.
“The formal confirmation of the non-extension was only received on 01.03.2021 and was a key factor triggering the gating of the funds.”
(Reporting by Brenna Hughes Neghaiwi; editing by Riham Alkousaa)
Related:
- Credit Suisse Freezes More Supply Chain Finance Funds as Greensill Scandal Widens
- Credit Suisse Faces Questions from Regulators, Insurers After Collapse of Greensill Funds
- Tokio Marine Examines Validity of Greensill Insurance Policies Provided by Australia Unit
- Credit Suisse Knew Frozen Greensill Funds’ Insurance Cover Relied on One Insurer: Report
- Here’s a Rundown of How Greensill Unraveled, the Key Players, and What Could Be Next
- Greensill Files for UK Insolvency After Losing Insurance for Debt Repackaging Business
- Seeds of Greensill Capital’s Swift Fall Triggered When Credit Insurer Balked at Renewal
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