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HSBC pushed UK Fintech Stenn last year into an administration after discovering that it had received hundreds of millions of dollars from a network of related companies in countries like Serbia, whose names often seemed to be described by those large, well -known companies.
High court documents received by the Financial Times show that HSBC claimed that Stenn had received money from companies with similar names as “Blue Chips”, such as Electronics Group Foxconn, but it had nothing to do with bigger companies. Millions were also received from the company exclusively owned by a village in the remote region of China.
The documents threw new light on the events that led to the collapse of Stenna, which specialized in the funding of accounts and once boasted of an estimate and partnerships of $ 900 million with international banks like Citigroup. Information raises further questions about the supervision of the company regulated by the body for financial behavior for the purpose of Anti-Novac.
In December, Stenn set up his two units in the UK, after reporting a High Court in London from HSBC Innovation Bank, a former Silicon Valley UK, which was one of Fintech’s borrowers.
FT reported earlier that the reference was on Stenn in the US Criminal Indictment The money laundry scheme encouraged HSBC to start testing potentially suspicious transactions. Stenn is not charged with abuse in the case.
In a written submission to the court, HSBC lawyers stated that he had issued a default loan notice of $ 35 million to Stenna after the investigation revealed that “payments did not execute large companies with blue chips listed on invoices”.
“Instead, companies have made companies founded in countries such as Serbia that have nothing to do with the Blue Chip companies listed on invoices and often do not file any accounts before the regulators put it in forced liquidation,” HSBC Lawyers wrote, claiming that “could not” exist an imaginable explanation or justification for “for transactions.
Serbian companies include companies with similar names as the largest Spanish oil company Repsol and Hon Hai Precision Industry, Taiwan Electronic Production Company, usually known as Foxconn.
These Serbian companies also included a company with a similar name as a technological group based in Singapore. All companies had to do with two Serbian persons appointed in the document, and all three companies were placed in “mandatory liquidation” and HSBC lawyers claimed in the documents.
“It seems very unlikely that Taiwanese manufacturer of electronics components, Singapore technological companies and Spanish multinational energy and petrochemical companies would have group companies that presented ‘the same Serbian individual as the director, stated in the written arguments of HSBC, noting that none of the three Even Serb branches seemed to have large groups.
Stenn also received a payment from “Zalando to Limited” founded in Hong Kong, a director and a shareholder who “had nothing to do with Zalanda” in Germany. The German Internet Seller also “has no surgery in Hong Kong,” the bank is submitted.
One of the director Zalando is Limited was director Green Bean Trading Limited, another Hong Kong company who paid $ 1.6 million with Citigroup to Stenna accounts. The only shareholder Green Bean was an individual based in the Chinese province of Liaoning.
“This address is in what seems like a remote village in China, which consists of very small apartments,” the bank states. “It seems unlikely that a legitimate company that makes significant payments would have one shareholder in a small rural village.”
HSBC claimed that Stennn’s invoicing questions were “extensive and systemic”, noting that the total value of the invoice he marked in 2023 and in 2024. Exceeded $ 220 million.
Stenn did not object to the HSBC report, and his two main units in the UK were put on the administration on the same day. The Stenn’s administrator wrote in the report earlier this month that he was aware of “allegations of potential irregularities before non -solventh”.
The founder and executive director Stenna Greg Karpovsky was previously involved in the Russian account funding company that later collapsed in the midst of a fraud charge.
In December, Karpovsky told the FT that he denied “any injustice regarding Stenna”, while “any potential abuse” in his previous Russian business “was proven that he had taken place long after my departure from the company.”
