Ann: Becoming a substantial holder, page-35

who remembers Lex Greensill ripping billions of Merchant Bankers like JPM , UBS . These blokes just throw darts and sometimes they are correct.

"Each of the said non-disclosures was committed by Mr Greensill in deliberate or reckless breach of GBAG and GCUK's duties of fair presentation," Zurich alleged in the filing.

Greensill, a specialist lender, pledged to help clients manage their finances by paying the bills they owed suppliers - in effect lending them money - while taking invoices from their suppliers as collateral, known as supply chain financing. The loans were repackaged into bonds and sold to investors.

Greensill foundered in 2021 after its main insurer stopped providing cover for billions of dollars of debt in portfolios it had created for clients including Swiss bank Credit Suisse.

Greensill's largest client, Gupta's GFG Alliance, has been under criminal investigation in Britain since 2021 for suspected fraud and money laundering in an investigation that includes its financing arrangements with GCUK.

GFG has consistently denied any wrongdoing.

Should Zurich be found liable in court under its policies, it is claiming a corresponding entitlement against Greensill, Gupta and their companies under its counter-claim.

($1 = 0.9265 euros)