Saudi-backed Vision Fund invests in UK’s Greensill Capital

Softbank group CEO Masayoshi Son delivers a speech during his company's financial results press conference at a hotel in Tokyo on May 9, 2019. (AFP/Charly Triballeau)
Updated 14 May 2019

Saudi-backed Vision Fund invests in UK’s Greensill Capital

BENGALURU, India: Financing group Greensill Capital on Monday confirmed SoftBank Group’s Vision Fund has invested $800 million in the British company, a vote of confidence in the UK finance sector that has been navigating Brexit challenges.
Greensill, which provides supply chain funding to companies, said it plans to use the injection to accelerate its expansion into Brazil, and enter markets like China and India, as well as tap into the working capital finance sector.
The investment from the Vision Fund, which is one of the world’s biggest technology investment vehicles and has Saudi Arabia’s backing, comes months after it invested $390 million in British banking startup OakNorth.
Bloomberg reported on Sunday that the latest round of fundraising valued Greensill at $3.5 billion.
Greensill, founded in 2011 by former banking executive Lex Greensill, works with global institutional investors, providing financing to more than 8 million customers across 60 countries.
The fundraising at Greensill comes nearly a year after private equity firm General Atlantic invested $250 million in the company, according to a report.
“With the Vision Fund, Greensill will build on its partnership with General Atlantic to continue developing its already extensive global network, and further grow its established origination and distribution strategy,” Greensill said.
Morgan Stanley was the financial adviser to Greensill and Allen & Overy was its legal adviser.
The Vision Fund’s existing investments include those in ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork.

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 45 min 32 sec ago

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.