(Bloomberg) -- Administrators to the Australian holding company of Greensill Capital have asked it to clarify a series of payments linked to the brother of founder Lex Greensill, amounting to $174 million.
In a report prepared ahead of a creditor meeting scheduled for April 22, Grant Thornton says it’s seeking details on several transactions identified as “payment of proceeds PG Family Trust.”
Transactions were recorded between October and December 2019 in a liability account labeled “Repayable Within a Year,” according to the report.
“Management have indicated that these transactions in part relate to the sale of shares by Peter Greensill, however at this stage we are not in possession of sufficient documentation to confirm,” the administrators said.
“We have made additional inquiries of the directors and management in relation to this account,” they said.
A New York-based spokesman for Greensill Capital declined to comment.
The report also states administrators couldn’t find record of payment for transferring ownership of the Greensill’s family farming company to Peter Greensill in April last year.
The administrators took charge of Greensill Capital Pty Ltd. last month after the lender failed to extend insurance on some of the loans it sourced and packaged. They are now looking to recover cash for creditors, including employees, the Greensill family trust, Credit Suisse Group AG and Softbank Group Corp. They also recommended creditors wind up the company at next week’s meeting.
The holding company has $777 million of receivables owed by the U.K. operating unit, and $1.1 billion of external debt, according to the report.
The 37 employees of the unit are likely to be paid in full, while any payment to unsecured creditors will depend on the recovery of assets in the U.K. and Germany.
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