Parts of Liberty Steel ‘challenged’, says finance chief June 22, 2021 Liberty Steel’s UK finance chief has today told MPs that parts of the metals group are “challenged” as Sanjeev Gupta’s company seeks to refinance the business. Since the collapse of chief financial backer Greensill Capital in March, Gupta’s GFG Alliance – of which Liberty Steel is a part – has been racing against its creditors [...]
Credit Suisse ‘wooed’ Sanjeev Gupta before Greensill collapse June 11, 2021 Credit Suisse has been embroiled in further controversy over its links to Sanjeev Gupta after details emerged about the Swiss lender’s direct relationship with the tycoon. Former executives at the bank told the Financial Times that leadership wooed Gupta, offering him a string of services as his private wealth manager, as well as VIP treatment. [...]
UK fraud watchdog seizes dirty money tied to nearly £500m global metal scam June 7, 2021 The UK’s fraud watchdog has seized £247k of dirty money from an account linked to Virendra Rastogi, a puppeteer in an around £493m global fraud case. Once one of the UK’s richest men, Rastogi was one of three former directors of RGB Resources convicted of running an international metal trading scam that cost banks dotted [...]
Trafigura ‘warned’ Credit Suisse over ‘suspect’ GFG invoice June 3, 2021 Commodities trading house Trafigura warned Credit Suisse over a suspect invoice from Sanjeev Gupta’s GFG Alliance in July 2020, it has emerged. The so-called receivable, the FT reported, indicated that Trafigura owed money to Liberty Commodities, the metal trading arm of Gupta’s conglomerate. Prior to going bust in March, Greensill, GFG’s main financier, would lend [...]
Claims against top City law firm Dechert ‘the stuff of conspiracy theories’ May 25, 2021 Allegations that a top City lawyer leaked confidential information about a Kazakh mining giant under investigation for alleged corruption are “the stuff of conspiracy theories”, the High Court has heard. Eurasian Natural Resources Corporation (ENRC) is suing its former lawyers and the Serious Fraud Office over an SFO investigation into claims of bribery, corruption and [...]
Kwasi Kwarteng: Nationalisation is least likely route for Liberty Steel May 25, 2021 The UK is considering all options for Liberty Steel but nationalisation is the least likely route, the business secretary has told MPs. In March Sanjev Gupta’s company GFG Alliance, which owns Liberty Steel, asked the government for a bailout of as much as £170m to avert collapse. The insolvency of Greensill Capital, which was among [...]
Bank of England felt no Treasury pressure to give Greensill preferential treatment, says Bailey May 24, 2021 The Bank of England did not face pressure from the Treasury or David Cameron to give Greensill Capital preferential treatment in evaluating the firm for a large-scale loan, according to bank governor Andrew Bailey. Bailey told MPs today that lobbying efforts from Cameron did not mean the failed supply chain finance firm had better treatment [...]
Serious Fraud Office encouraged ‘Machiavellian’ top City lawyer to leak client’s file, court told May 24, 2021 The Serious Fraud Office encouraged a “Machiavellian” top City lawyer to leak confidential information about his client while it was under investigation for alleged bribery, corruption and fraud, the High Court heard today. Eurasian Natural Resources Corporation (ENRC) is suing the SFO for alleged misfeasance in public office over an investigation into the Kazakh mining [...]
Liberty Steel to sell Stocksbridge site as Gupta seeks to pay off creditors May 24, 2021 Liberty Steel said today that it would sell of its Stocksbridge aerospace and special alloys steel business as part of restructuring plans. The sale will help Liberty to pay off its debts to Credit Suisse, one of its main creditors. The metals group, part of billionaire Sanjeev Gupta’s GFG Alliance, has been scrambling to find [...]
ENRC opens £70m claim against SFO and top law firm Dechert May 24, 2021 A multi million pound claim against a top City law firm and the Serious Fraud Office for an alleged breach of contract will be heard at the High Court today. Mining firm Eurasian Natural Resources Corporation (ENRC) is suing law firm Dechert and one of its former partners Neil Gerrard for an alleged breach of [...]