HW Fisher sanctioned over GFG Alliance audit lapses Accountancy The watchdog has fined HW Fisher LLP and one of its partners £200,000 for serious professional failures during an audit of Liberty Commodities, a group within metals tycoon Sanjeev Gupta’s GFG Alliance. The Financial Reporting Council (FRC) said HW Fisher LLP and lead auditor Simon Mott-Cowan showed a pervasive lack of “professional scepticism” during the [...]
Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case Steel saviour Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
GFG tycoon Sanjeev Gupta vows to fight UK steelmaker’s bankruptcy and save hundreds of jobs Sanjeev Gupta Sanjeev Gupta’s GFG Alliance has vowed to “fight” a New York investment fund’s bid to plunge one of its major customers into bankruptcy after fully acquiring the firm earlier this month. GFG is seeking to block West Midlands steel products maker Aartee Bright Bar from collapsing into insolvency after the manufacturer’s main creditor, FGI, decided [...]
Credit Suisse took suspicious invoices as backing for £114m Greensill loan December 12, 2022 Credit Suisse accepted suspicious invoices from Sanjeev Gupta’s metals empire as collateral for a $140m (£114m) loan to Greensill Capital, just months before it collapsed in October 2020, according to reports. The Swiss bank accepted invoices, issued by Gupta’s Liberty Commodities and sold to Greensill, as collateral on the loan, even though several of the [...]
Sanjeev Gupta’s auditor King & King quit over lack of evidence September 21, 2022 The tiny firm that audits the accounts of Sanjeev Gupta’s steelmaking empire has said it resigned from auditing four of the magnate’s companies due to being unable to complete its audits because a “lack of sufficient information.” In a letter filed to Companies House, King & King said it had resigned as auditor four of [...]
Auditor to Sanjeev Gupta’s metals empires cuts ties to at least two key firms September 15, 2022 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. [...]
SNP under fire for £5 deal with steel tycoon Sanjeev Gupta July 25, 2022 Scottish ministers are facing transparency calls after it was revealed a metal tycoon under investigation for fraud paid just £5 towards the acquisition of a Highlands smelting plant – with taxpayers financing the rest of the £330 million deal. Entrepreneur Sanjeev Gupta, chief executive of Liberty Steel, acquired the aluminium plant and two adjacent hydro [...]
Thousands of jobs at risk after Sanjeev Gupta’s GFG Alliance loses bid to throw winding up order out of court June 9, 2022 Three of the firms that make up Sanjeev Gupta’s steel empire could be plunged into administration imminently, after a court rejected GFG Alliance’s bid to have a winding up order thrown out of court. The court ruled that the metals group’s financial difficulties were not due to Covid-19, as it rejected GFG Alliance’s claims the [...]
Sanjeev Gupta’s GFG Alliance faces bankruptcy fight after Credit Suisse leaves the table May 10, 2022 Sanjeev Gupta’s GFG Alliance faces the prospect of bankruptcy after its main creditor, Credit Suisse, exited negotiations with the steel business over repayment of its debts. GFG Alliance is set to face an insolvency hearing next week after Credit Suisse, pulled out of settlement negotiations, the Financial Times first reported. Under UK laws, creditors can [...]
UK watchdog launches probe into tiny accountancy firm King & King over Sanjeev Gupta audits May 4, 2022 The UK’s accounting watchdog has launched an investigation into four audits carried out by little-known accountancy firm King & King, of firms linked to embattled steel magnate Sanjeev Gupta. The Financial Reporting Council (FRC) said it would be probing King & King’s audits of financial results posted by four of separate companies linked to Sanjeev [...]