The fall-out from a multi-billion dollar fintech insolvency is being felt in the steel industry which has thousands of workers across Australia, including in Ballarat. Greensill Capital, a UK-based financial services company set up by former Queensland entrepreneur Lex Greensill to offer supply chain financing, entered into administration on March 8. The former foreign minister Julie Bishop was a high-profile adviser who cut ties with the company earlier this month. One of the companies that has been heavily reliant on its complex system of providing finance is GFG Alliance, a company run by billionaire Sanjeev Gupta. Subsidiaries of the company provide employment in the steel industry in Australia for around 4500 workers. The steelworks…
Read the full article at: https://www.thecourier.com.au/story/7165350/ballarat-recycling-sites-link-to-fintech-insolvency/
