Greensill Bank Auditor Retracts Sign-Off on 2019 Accounts

The auditor of Greensill Capital’s German bank withdrew its certifications of the failed lender’s 2019 annual accounts after allegations of irregularities, Bloomberg News reported. Ebner Stolz, a Stuttgart, Germany-based auditing firm, informed the bank’s insolvency administrator on April 23 about the step, according to a filing published on Friday in Germany’s Bundesanzeiger, the federal gazette for company disclosures. Greensill Bank was shuttered by German financial regulator BaFin in March as the lender’s parent company, founded by Lex Greensill, collapsed. The fall of the bank has cost the country’s deposit insurance fund 3 billion euros ($3.7 billion) and depleted the coffers of many small municipalities that had parked their money at the Hamburg-based lender. Read more.