SFO delves into Gupta’s business empire, including financial ties to Greensill | News news

SFO delves into Gupta’s business empire, including financial ties to Greensill |   News news

Last month the tycoon pledged in a Sky News interview that, on his watch, none of his steel plants would close. Mr Gupta’s GFG Alliance controls Liberty Steel, whose 3,000 UK workers have been facing uncertainty since Greensill’s demise. Separately, the Financial Conduct Authority said earlier this week that it was investigating the UK operations of Greensill.

GFG said in a statement that it would cooperate fully with the investigation. Image:
Lex Greensill’s business collapsed earlier this year

The announcement comes a day after former prime minister David Cameron faced intense scrutiny by MPs over his lobbying on behalf of Greensill over access to a Bank of England emergency business support scheme set up at the onset of the coronavirus crisis. It said the investigation included GFG’s financing arrangements with Greensill Capital, the lender led by Lex Greensill which collapsed earlier this year.

“GFG Alliance continues to serve its customers around the world and is making progress in the refinancing of its operations which are benefiting from the operational improvements it has made and the very strong steel, aluminium and iron ore markets.” GFG is a global network of hundreds of privately-held companies with interests spanning steel, aluminium, mining, financial services and real estate. “As these matters are the subject of an SFO investigation we cannot make any further comment.

Image:
Workers at Liberty Steel have been facing uncertainty since Greensill’s collapse A GFG Alliance spokesperson said: “GFG Alliance will co-operate fully with the investigation.

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