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GFG Alliance

  • Credit Suisse took suspicious invoices as backing for £114m Greensill loan

    Finance

    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

    Sanjeev Gupta

    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

    GFG Alliance

    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 [...]

  • Liberty Steel £50m cash injection to save 660 jobs

    October 10, 2021

    Liberty Steel has secured a £50m cash injection which would allow its Rotherham plant to reopen this month after it has been closed since spring. Liberty’s owner, GFG Alliance, has agreed debt restructuring with Credit Suisse. It was forced to seek funding after the collapse of its key lender, Greensill Capital.  The cash injection will [...]

  • Sanjeev Gupta launches legal action over US PE group’s ‘predatory’ seizure of aluminium smelter

    October 5, 2021

    Sanjeev Gupta’s GFG Alliance has vowed legal action to scotch what it called a “predatory” attempt by US private equity group American Industrial Partners (AIP) to take control of the largest aluminium smelter in Europe. Buyout firm AIP said last Friday that it had acquired ownership of the aluminium smelter in Dunkirk after a unit [...]

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