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UK fraud agency probes Liberty Steel owner Sanjeev Gupta's Greensill links

Britain's Serious Fraud Office said that it is investigating suspected fraud, fraudulent trading and money laundering within Gupta Family Group Alliance, including links to Greensill, the supply chain finance firm that went bankrupt earlier this year.

Sanjeev Gupta companies were among the main clients of Greensill before its collapse in March.(REUTERS)
Published on May 15, 2021 06:09 AM IST
AP | | Posted by Prashasti Singh, London

First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy

The factories will be the first in the steel magnate's empire to seek bankruptcy protection since the collapse last month of Greensill, a British firm which was a major provider of trade finance for GFG Alliance.

Sanjeev Gupta, the head of steel and metals company Liberty House.(AFP file photo)
Published on Apr 16, 2021 07:26 AM IST
AFP |

Sanjeev Gupta, owner of GFG, attempts to negotiate reprieve on Greensill debt

A debt standstill agreement with Greensill, which filed for administration on Monday, would help GFG stave off insolvency and avoid an asset fire sale, according to people familiar with the matter, who asked not to be named because the talks are private.

GFG “started to default on its obligations” after Greensill stopped lending to the group at the beginning of March, according to court documents. Greensill’s exposure to the metals group was $5 billion, one of the people said.(Bloomberg)
Published on Mar 10, 2021 12:00 PM IST
Bloomberg |

Gupta's GFG alliance continues negotiations on Greensill debt

Sanjeev Gupta’s GFG Alliance is battling to negotiate a reprieve on its debt obligations to Greensill Capital as the unraveling of its biggest lender threatens to take down the metals group.

Liberty Steel's Sanjeev Gupta smiles outside the company's Liberty Steel processing mill in Dalzell, Scotland, Britain. (REUTERS)
Published on Mar 09, 2021 11:15 PM IST
Bloomberg |
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