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Greensill’s Key Clients Included West Virginia Gov. Jim Justice’s Coal Company
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Greensill Capital relied on a handful of clients for large portions of its revenue, including a coal miner owned by the governor of West Virginia, according to people familiar with Greensill’s operations and documents reviewed by The Wall Street Journal.
Bluestone Resources Inc., the coal-mining company owned by West Virginia Gov. Jim Justice, has borrowed about $850 million from Greensill, making it one of Greensill’s largest clients, the people familiar with Greensill’s operations said.
Representatives for Bluestone and the West Virginia governor’s office didn’t immediately respond to requests for comment.
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Greensill has long said that it works with millions of customers, according to its website, many of them small suppliers to corporate clients, and has partnerships with dozens of banks, insurers and companies.
But a handful of relationships had become crucial to Greensill in recent years. During most of 2019, more than 90% of Greensill’s revenue came from five clients, according to an internal Greensill report reviewed by the Journal. In 2020, it was about 70%, according to the report.