BRITISH MILLIONAIRE REPORTED FINANCIAL COLLAPSE AND DISAPPEARED

Greg Karpowski disappeared after the financial collapse of Stenn Technologies, of which he was the founder. The financial and technological structure, estimated at $900 million a couple of years ago, turned out to be untenable. This happened after she was suspected by the lender of fictitious transactions. This version is offered by Bloomberg, referring to HSBC.

On December 4, 2024, the businessman held a conference with the company's employees by phone. He told her that the business was in ruins. After that, the connection with him stopped. It is unknown where the businessman is at the moment.

The business founded by the entrepreneur has managed to attract the attention of many international investors. Financial structures such as partnerships with market participants such as Citigroup, Credit Suisse and Barclays interacted with the company. According to foreign publications, investors ignored the high risks and the original model according to which Stenn Technologies conducted business. Karpovsky's own past, which is associated with the Eurocommerce factoring company from Russia, was also not taken into account. Her bankruptcy happened in 2008.

According to internal reports, the activities of the fintech structure were associated with the giants of the Asian region. Yamabun Trading, Venture, Giordano International paid various bills in the amount of $190 million through Stenn. At the same time, the company's staff points out that there has never been direct interaction with these organizations.

In addition to the financial difficulties that have overtaken Karpowski's business, the firm has been involved in an investigation initiated by HSBC. Bank inspections began after the publication in the United States of charges in the case of laundering financial assets of Russian origin.

In December, Stenn's "daughters" came under external management. This also affected the London-based company Stenn Assets UK. According to the Financial Times, in 2020 she received $1.7 million from a Singapore-based firm affiliated with Russian Felix Medvedev. He recently pleaded guilty to running an unlicensed money transfer business in which more than $150 million was transferred.

In addition to Medvedev, U.S. authorities have charged two more Russian citizens with alleged collusion in the scheme, charging them with crimes including money laundering, while the U.S. Treasury Department has imposed sanctions on one of these alleged accomplices and his company.

The collapse of Stenn Technologies evokes analogies to the bankruptcy of Greensill Capital in 2021, when Australian Lex Greensill also created a startup with the support of large banks, which subsequently collapsed. According to experts, the situation underscores the need for stricter control over risky projects that attract billions of dollars in investments, but operate with a high degree of opacity.

At the moment, Karpowski's fate remains unknown, and the investigation into the Stenn case continues. This case can be a lesson for international investors about the need for more thorough verification of partners and transparency in doing business.