Correcting the Record

7th July, 2019

Statement from Greensill regarding the publication of false and misleading statements by Reuters News

A Reuters article published on Sunday July 7 under the headline: Greensill Issued False Statement on Bonds Sold by Metals Tycoon makes assertions in the headline and story that are both false and defamatory and Greensill categorically refutes them.

Honesty and integrity are at the core of everything we do at Greensill. The Reuters story is wrong and, as you would expect, our legal advisors are directly engaged with the media company to seek immediate correction and remedy.

In direct response to the article we have today issued the following:

Greensill issued no false nor misleading statements at any time with respect to the KLL bonds, as has been verified by GAM, Tim Haywood and GFG. The article is based on an incomplete and misrepresentative reading of the facts.  For the avoidance of doubt, the 11 May 2018 update provided by Greensill and described in the article was a minute of contemporaneous discussions undertaken between GFG, GAM, Morgan Stanley and Greensill and was neither false nor misleading.

To underscore our position, GAM, Tim Haywood and GFG have each made similar public statements which we are happy to share with you today:

GAM was never led to believe that the Scottish Government Guarantee had actually been put in place and refutes the idea that Greensill misled it in this matter, nor was the May 2018 note interpreted to suggest that the guarantee was in place. For the avoidance of doubt, GAM never received any false or misleading information from Greensill with respect to the KLL transaction. GAM is satisfied that the security performed in the manner originally envisioned at purchase. All quarterly payments were made on time, and the sale was completed at the anticipated premium.  Indeed, GAM continues to have an active and productive partnership with Greensill to this day.

Tim Haywood:
I was never misled by Greensill, GFG or the Scottish Government on the prospect of or progress towards a potential Scottish government guarantee regarding the Kinlochleven hydro-power scheme. Specifically, the May 2018 update provided by Greensill was neither false nor misleading given my understanding of the transaction and contemporaneous discussions with GFG, Morgan Stanley and Greensill. The KLL bonds were sold in early 2019 at a material gain for GAM clients.


At no point did GFG or Greensill issue false statements with respect to the KLL bonds or the process of seeking to secure a Scottish Government guarantee. The May 2018 update written by Greensill formed part of a broader contemporaneous verbal update which GFG, GAM, Morgan Stanley and Greensill participated in that confirmed the conditions precedent for the Scottish Government to commence a formal review to consider the issuance of the guarantee had been met. Unfortunately, the Scottish Government guarantee for Kinlochleven has not proceeded, even though discussions continue, therefore GFG purchased and refinanced the KLL notes in early 2019. For the avoidance of doubt, the May 2018 update provided by Greensill was neither false nor misleading given the context of the contemporaneous verbal discussions undertaken between GFG, GAM, Morgan Stanley and Greensill.”

We will continue to provide updates on our ongoing dialogue with Reuters to correct the record.

For any further questions please contact our media team:

James Doran

Alex Simmons

Charles Harrison

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