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

On 31 December 2020 the Greensill Group arranged a trade with CSV of the entire outstanding balance of the Fairymead Notes (“the Secondary Trade”). This involved the purchase of all the outstanding Fairymead Notes, the total notional value of which was $439,999,710, by GCUK (via Greensill Bank) from CSV, with a trade date of 31 December 2020 and a settlement date of 14 January 2021. The Secondary Trade was booked on 31 December 2020, i.e. details of the trade were sent by the Greensill Group to Greensill Bank and to CSAM.

On 30 December 2020 at 12:59pm, Andrew McKnight (Greensill Group) emailed Greensill Middle Office Support saying:

“Hi Zara, team,

As discussed please find attached a secondary request to move all [redacted] Fairymead assets from CS Virtuoso on the 31/12/20 to GCUK via GB settling the 15/01/21. Zara agree that we have 45 [redacted] ISINs and 83 Fairymead ISIN's to repurchase.”

The attached Excel spreadsheet listed 83 ISINs for the Fairymead Note Programme, the notional total of which was $439,999,710. The spreadsheet noted that the trades were to be from “CSV” “Via” “GB” (i.e. Greensill Bank) to GCUK, all with trade dates of 31 December 2020 and settlement dates of 15 January 2021.

On 30 December 2020 at 5:01pm, Mr Greensill internally emailed Mr Jesensky and others referring to trading notes and loading them the next day.

At 6:19pm, Mr Jesensky emailed internally Mr Greensill and others stating:

“Thank you for your time earlier, just to summarise the latest:

* [redacted] Katerra - 128 ISINs trade date 31st of Dec and settlement date 14th of Jan booked and the files will be sent tomorrow at 7am to CS

[redacted]

we can agree with you what we do with the SB[redacted] assets post repurchase to manage TMF”.

After a question from Mr Greensill, Mr Jesensky responded: “I confirm that is correct, there is no ISIN that matures or has an instalment which matures before 15th of Jan, the earliest is 20th of Jan”, to which Mr Greensill responded, “We are agreed then”.

On 31 December 2020 at 7:02am, Ms Stacey Ellams (Greensill Group) sent two “Secondary Trade Reports” with settlement dates of 14 January 2021 to Greensill Bank. The Secondary Trade Report relating to the Fairymead Note Programme sets out 83 ISINs with a notional total of $439,999,710, to be made from “Virtuoso” to Greensill Bank, with a trade date of 31 December 2020 and a settlement date of 14 January 2021. The additional Secondary Trade Report attached to the email is marked as not responsive.

On 31 December 2020 secondary trades of Vision Fund companies (Katerra and View) involving 128 ISINs were sent by Mr Jesensky (Greensill Group) to CSAM, with a trade date on 31 December 2020 and a settlement date of 14 January 2021 the Secondary Trade. The trade was for the full outstanding total of the Fairymead Notes.