Stenn International and Stenn Assets UK - Administration

Stenn International and Stenn Assets UK, two units of the London-headquartered global fintech group and digital trade finance provider, were placed into administration on 4 December following an application by secured creditor HSBC.

HSBC reportedly became concerned after US authorities unsealed criminal indictments in a money laundering case that referred to Stenn and its Russian founder and chief executive Greg Karpovsky. After conducting an investigation, HSBC discovered potentially suspicious transactions with large customers in Taiwan and Japan.

James Tucker, Joshua Dwyer and Kristina Kicks of Interpath were appointed joint administrators.

Silicon Valley Bank also has a registered charge against Stenn Assets UK.

HSBC is represented by Mayer Brown.