LONDON : Companies linked to insolvent British financier Lex Greensill obtained insurance fraudulently, insurer Tokio Marine said on Monday, adding it did not plan to pay out on the policies and would"vigorously defend" itself against any legal claims.
Credit Suisse bought debt that was issued by Greensill and backed by loans the supply chain finance firm made to companies. "While these investigations remain ongoing, Tokio Marine has found that since at least September 2018, matters material to the underwriting of the policies were fraudulently misrepresented to BCC by Greensill," Tokio Marine said.
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