Bremen Prosecutors File Charges in Greensill Case

In a press release dated December 17, 2025, the Bremen public prosecutor announced that it has brought charges before the Regional Court of Bremen against “two former members of the Management Board and one member of the Supervisory Board of Greensill Bank AG.” The charges relate to suspected bankruptcy offenses in an especially serious case, as well as aiding and abetting such offenses. In addition, the indictment includes allegations of false representation and assistance in false representation.

According to the prosecution, the case centers on transactions carried out in 2019 involving the refinancing of the acquisition of several steel plants by the Gupta Family Group Alliance. Investigators estimate the total volume of these transactions at €2.18 billion.

Furthermore, the indictment alleges that the accused deliberately misrepresented the nature of the bank’s credit business. The prosecution suspects that entries in the trading books and the 2019 annual financial statements portrayed the credit transactions “contrary to the principles of proper accounting as a low-risk and banking-supervisory-compliant receivables purchase program.”

Greensill Bank collapsed in 2021, triggering significant losses for investors and municipalities and prompting broader scrutiny of financial oversight and risk management practices in Germany’s banking sector.

About a year before its collapse, Greensill Bank’s credit rating still placed it within the lower end of the investment-grade spectrum, but it already reflected significant underlying concerns. The bank was rated by a relatively small European rating agency rather than by the major global agencies, and the assessment was accompanied by a negative outlook. The rating highlighted Greensill Bank’s strong dependence on a concentrated business model focused on supply-chain finance, its close ties to the wider Greensill group, and its reliance on continued investor and insurance support.

The press release was issued by senior public prosecutor Frank Passade, spokesperson for the Bremen Public Prosecutor’s Office. The court will now decide whether to admit the indictment and open main proceedings.