Australia's biggest insurance company has had a rocky day on the sharemarket, as the collapse of Lex Greensill's finance empire continues to ricochet.
"The joint administrators are in continued discussion with an interested party in relation to the purchase of certain Greensill Capital assets.The company is headed up by its namesake, Australian billionaire Lex Greensill.It had been making a tiding off a complex business model that provided debt coverage to companies who were awaiting payment from their customers, and then sold off this debt in bundles to other investors.
On Tuesday morning, amid ongoing speculation that IAG was exposed to risk from Greensill's collapse, the insurance giant's shareprice dived as much as 10.2 per cent to $4.30.IAG went into a trading halt and then informed the market that it did not have exposure to Greensill. "In response to market enquiries relating to Greensill exposure, IAG clarifies it has no net insurance exposure to trade credit policies including those sold through BCC to Greensill entities," it said.
Source: News Formal (newsformal.com)
You could maybe get his name right hey ABC? It’s Lex, short for Alexander
I’m sure he has money hidden away.
Rex?
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