Fraud investigation in steel tycoon Sanjeev Gupta - companies

Fraud investigation in steel tycoon Sanjeev Gupta – companies

In the United Kingdom, an investigation has been opened into GFG Alliance, the company of British businessman Sanjeev Gupta, on suspicion of fraud and money laundering. The British authorities announced, Friday, that an investigation is underway in relations with the bankrupt financing company Greensel.

A press release stated that the Serious Fraud Office (SFO), equivalent to the financial division of the Office of the Prosecutor General, “is investigating suspected fraud, fraudulent trade and money laundering.” No further details were provided about the study.

Greensel, the main lender of Gupta, was declared bankrupt two months ago. As a result, many worried that the GFG Alliance itself would get in trouble because it had been dependent on the finance company and still owed it billions. Therefore, Gupta Minerals’ empire is in dire need of new financing, especially to avoid the shutdown of factories at its Liberty Steel subsidiary.

A source close to the company said last week that the company was close to securing a £ 200m loan from investment firm White Oak. This financial injection should save the company from ruin.

Belgium

The GFG Alliance employs 35,000 people with companies spanning from Wales to Australia. Two subsidiaries are also active in our country: Alvance has a factory in Duffel, and Liberty Steel has two companies in Tilleur and Flémalle. Steel mills in Liege had already knocked on the commercial court door in April to seek mediation. The duffel factory is not in trouble at the moment.

A press release stated that the Serious Fraud Office (SFO), equivalent to the financial division of the Office of the Prosecutor General, “is investigating suspected fraud, fraudulent trade and money laundering.” No further details were provided about the study. Greensel, the main lender of Gupta, was declared bankrupt two months ago. As a result, many worried that the GFG Alliance itself would get in trouble because it had been dependent on the finance company and still owed it billions. Therefore, Gupta Minerals’ empire is in dire need of new financing, in particular to avoid the shutdown of factories at its Liberty Steel subsidiary. A source close to the company said last week that the company was close to securing a £ 200m loan from investment firm White Oak. This financial injection should save the company from ruin. The GFG Alliance employs 35,000 people with companies spanning from Wales to Australia. Two subsidiaries are also active in our country: Alvance has a factory in Duffel, and Liberty Steel has two companies in Tilleur and Flémalle. Steel mills in Liege had already knocked on the commercial court door in April to seek mediation. The duffel factory is not in trouble at the moment.

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