FL-2022-000014 - [2025] EWHC 2631 (Ch)

An email on 1 December 2020 from Ms Cristina Manandhar of SBIA to Mr Magata Yoshimasa of SBG stated that “Rajeev and Saleh provided their approvals yesterday” to “the Greensill update”.

On 1 December 2020 Ms Amanda Sanchez-Barry of SBIA stated in an internal email that Mr Masayoshi Son “recused himself from the Greensill SVF 2 reapproval vote (in addition to the SVF 1 pass recommendation) and Saleh and Rajeev thought this was more appropriate”.

As for Greensill, an email from Mr Lane on 3 December 2020 stated that the following day there would be a GCPL Board meeting to discuss “a single agenda item: Katerra and the issue of related shareholder resolutions to effectuate the extra equity issuance.”

SBIA’s Tom Cheung and Hayley Chan were invited by the Greensill Group’s Jonathan Lane on 3 December 2020 to recuse themselves from that meeting, and they did so.

GCPL’s Board meeting on 4 December 2020 approved the variation to the Omnibus Deed to remove the obligation to recover and remit $176 million from the Fairymead Notes and/or the Katerra Programme. It so resolved “having regard to the overall benefit the Company would derive”.

The Greensill Group’s presentation of “Key Credit Exposures” for the month-end November 2020 dated 27 December 2020, which Thomas Daula of SBIA emailed to himself on 29 December 2020, reported that “In December, we … expect to exit or materially reduce our position in … Katerra within 1Q.” It continued: “We have agreed to maintain the facility at its current outstandings of USD440mm. We have agreed with Softbank a solution whereby Greensill has the ability to exit from this position without loss. Until that restructuring is effected, we will continue to fund the company up to this amount as receivables come due once a month. Katerra has sufficient liquidity to maintain operations into 2021.”