Auditor to Sanjeev Gupta’s metals empires cuts ties to at least two key firms
The little-known firm responsible for audits the accounts of Sanjeev Gupta’s metals empire has resigned from at least two of the embattled magnate’s core firms, following the launch of a probe in May.
Two-office accounting firm King & King has resigned as auditor from Liberty Specialty Steels and Liberty Steel Dalzell, Companies House filings show.
The resignations follow the UK’s Financial Reporting Council (FRC) announcement it would launch a probe into King & Ling’s audits of four separate companies linked to Gupta’s GFG Alliance in May.
The firms King & King has resigned from include those involved in Gupta’s core UK steelmaking operations in Rotherham and Stocksbridge in Yorkshire, alongside the Dalzwell plate mill factory in Motherwell, Scotland.
The FRC probe came after French and UK authorities seized documents from multiple addresses linked to Gupta in May, as part of an investigation into fraud and money laundering.
Gupta has faced mounting scrutiny over the past year, following revelations the industrialist borrowed £400m from collapsed supply chain financier Greensill Capital in March 2021.
All of the firms King & King has resigned from have failed to file their audited results for the financial year ending on March 31 2020, meaning the filings are more than a year overdue, Companies House shows.
GFG Alliance and King & King have been approached by City A.M. for comment.