SoftBank Group Corp’s Vision Fund has substantially written down its $1.5 billion holdings in supply-chain finance company Greensill Capital, Bloomberg News reported on Monday, citing sources.
Greensill, owned by billionaire Lex Greensill, has been looking to raise funds with the aim of going public, according to the report.
The writedown occurred at the end of 2020 and SoftBank is considering dropping the valuation to close to zero, the report said.
The asset management arm of Zurich-based Credit Suisse on Monday suspended funds that invest in Greensill products over concerns about the value of the funds’ investments.