Credit Suisse disputes SoftBank CEO’s account over Greensill deal

Credit Suisse disputes the case of SoftBank co-founder Masayoshi Son over a difficult Japanese deal with Greensill Capital, as the relationship between the two companies grows stronger.

Swiss Bank last month launched a lawsuit US $ 440m to pay its wealthy clients to Katerra, a California construction team supported by SoftBank’s $ 100bn Vision Fund and a Greensill financial services client.

The dispute stems from an emergency financial injection that SoftBank approved in late 2020 to lend to Greensill, which borrowed Katerra’s borrowed loans from Credit Suisse customers.

As part of the deal, Greensill agreed to cancel Katerra’s debt by repaying a small portion of the construction team, which went ahead. bankirapuse file last June. The Financial Times revealed last year that it was $ 440m funds from SoftBank have not been reached Swiss bank customers.

Credit Suisse stated in a U.S. file that SoftBank had set up an economic restructuring in Katerra that benefited the Japanese team and devastated the bank’s customers.

According to the report, Credit Suisse cited “physical differences” between the so-called Son’s refusal to “know all about Katerra” at a September meeting with bank chief Thomas Gottstein, and an email sent by Lex Greensill to. December 2019 shows that the SoftBank boss has been blessed.

An email from Greensill sent to the company’s employees, quoted in the file, states that “Masa saw the matter for himself and promised to give me a guarantee….

Credit Suisse also claims that Greensill, the founder of the last financial company, gave a statement to Son in October 2020 when he discussed Katerra’s renovations, which show.

“In light of this, what Mr Son did in his meeting with Gottstein is astonishing and demanding,” according to a Swiss bank letter to SoftBank cited in the files. “In the face of it, it is clear that Katerra’s program was supported and participated by the senior management of SoftBank Entities.”

Last year’s meeting was set up by Credit Suisse to discuss greater ties between the two groups, according to people who had been informed of Son’s action, and the SoftBank executive was not prepared to answer detailed questions about Katerra.

Yoshimitsu Goto, chief financial officer at SoftBank, was also present at the meeting, along with Helman Sitohang, Asia-Pacific chief executive at Credit Suisse, and Ulrich Körner, chief financial officer of the bank, said.

The documentation produced by Credit Suisse was part of his work last month in the US to allow access to other documents and exchanged messages between SoftBank and Katerra, as well as minutes of Katerra board meetings. A California judge last week granted bankruptcy, and SoftBank has 30 days to respond to any requests received.

The Swiss Bank wants to use the documents as evidence that SoftBank’s chief executives, including Son, have been aware of Katerra’s involvement in a lawsuit pending in London in the coming weeks, according to sources familiar with the bank’s plans.

“Credit Suisse has been threatening to evade SoftBank’s lawsuit for the past six months, but it has not – for no apparent reason,” SoftBank told the Financial Times.

“We reject any misconceptions that any SoftBank organization wants, or has undermined Credit Suisse’s interests or finances, and if Credit Suisse does bring any interest to any SoftBank organization in this regard, we will do so.”

The fierce rivalry is hampering the relationship between the two companies since Greensill’s collapse last March. SoftBank was a major customer of Credit Suisse at a time when the Japanese group was becoming one of the most influential financial professionals in the world, while Son was also a long-time customer at the bank.

Greensill’s actions last year also tarnished Credit Suisse’s reputation for risk management and angered its wealthy clients. Some are now threatening to take action against the bank after they decide to sell Greensill linked funds by promising to repay better than their savings but at a lower risk.

Credit Suisse declined to comment further.

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