Credit Suisse Group AG has asked a US court to compel the SoftBank Group Corp entity to turn over the documents, as it prepares to file a lawsuit over the eventual consequences of the collapse of Greensill Capital.
In a 30-page report filed Thursday in federal court in Northern California, Swiss credit It said it was seeking the documents in preparation for a lawsuit it plans to file in England “in the next few weeks” against parties that could include SoftBank and its subsidiaries.
Credit Suisse said in May that it had cut ties with SoftBank and distanced itself from the main backer of Lex Greensill’s collapsed financial supply chain empire after allegations of conflict of interest. SoftBank has been a prolific negotiator, and last year Credit Suisse and other banks had about $8 billion in SoftBank shares as collateral, pledged by founder Masayoshi Son.
In the filing, previously reported by the Financial Times, Credit Suisse says it has invested nearly $440 million in Katerra Inc.-backed bonds. , a US-based construction company in which SoftBank was a major investor. The financing was created by Greensell to cover the period between delivery of goods and payment for goods.
SoftBank “orchestrated Katerra’s late 2020 financial restructuring” in which the two companies, along with Greensill, improperly agreed to terminate Katerra’s accounts receivable program and sought to forgive amounts owed under that agreement. The program “which was owed to Credit Suisse. The Swiss bank said. In return, Grensell received stakes in the Katerra entity.
Credit Suisse said that while SoftBank was not formally part of the deal, “there can be no doubt that SoftBank was aware of this,” noting that the shares were later transferred to a SoftBank subsidiary and SoftBank’s management partner sat in the company. board.
Credit Suisse said it “plans to sue defendants in SoftBank” under a law that would allow English courts to order corrective actions to undervalue victims of transactions that place valuable assets, such as receivables, under Katerra’s accounts receivable program — away from reach of any person or entity.
SoftBank did not immediately respond to an inquiry sent outside normal business hours in Japan. A spokesperson for Credit Suisse declined to comment.
The subpoena seeks documents from SB Investment Advisors in California, from September 1, 2020 to May 31, 2020, including any materials from Katerra Board meetings and communications regarding the restructuring and other associated agreements.
The case concerns Ex Parte Credit Suisse Virtuoso Application, 21-mc-80308, US District Court for the Northern District of California (San Francisco).
“Subtly charming bacon junkie. Infuriatingly humble beer trailblazer. Introvert. Evil reader. Hipster-friendly creator.”