SoftBank to write down $1.5 billion Greensill investment: Bloomberg News

(Reuters) - SoftBank Group Corp’s Vision Fund has substantially written down its $1.5 billion investment in supply-chain finance company Greensill Capital, Bloomberg News reported on Monday, citing people familiar with the matter.

The writedown occurred at the end of 2020 and SoftBank is considering dropping the valuation to close to zero, the report said.

SoftBank did not immediately respond to Reuters request for comment.

Greensill, owned by billionaire Lex Greensill, has been looking to raise funds with the aim of going public, according to the report. (https://bit.ly/3bPQoTp)

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.

(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

FILE PHOTO: SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon