German prosecutors have brought criminal charges against three people linked to Greensill Bank's collapse in 2021. The Bremen public prosecutor’s office stated these individuals face accusations related to the bank's bankruptcy and false reporting of its finances. The suspects allegedly bypassed banking rules during a €2.2 billion refinancing deal in 2019 for steel plants owned by the Gupta Family Group Alliance (GFG), run by metals businessman Sanjeev Gupta. Prosecutors claim this refinancing deal caused the bank to fail. Greensill Bank was started by Australian financier Lex Greensill, known for supplying companies with quick cash via supply chain finance. The bank grew fast and even employed former UK Prime Minister David Cameron as an adviser. Yet, it collapsed in 2021 amid worries over risky loans to GFG businesses. Of the three charged, two were once on the bank’s management board and one was on its supervisory board. The prosecutors said there is “a suspicion the accused deliberately misrepresented the loan business in the 2019 accounting records and financial statements as a low-risk and regulatory-compliant receivables purchase programme.” Lex Greensill himself is not among those charged by Bremen authorities. The Greensill collapse has sparked ongoing legal issues. Since 2021, the UK Serious Fraud Office has investigated suspected fraud and money laundering related to GFG companies and Greensill Capital UK, a different part of Lex Greensill's empire. GFG companies are not involved in the German investigation. The bank’s failure created headaches for Sanjeev Gupta’s steel businesses. Many lost lenders and ownership changed hands in France, Australia, and the UK. In August, the UK High Court put Speciality Steel UK into administration, leading the government to manage several steelworks in South Yorkshire. GFG declined to comment on the charges.