Sanjeev Gupta’s Liberty Steel strikes deal with largest creditor to hold off enforcement actions Sanjeev Gupta Sanjeev Gupta’s Liberty Steel Group has struck a deal with its largest creditor to give it more time to refinance its debts. The embattled steel manufacturer has agreed a “standstill agreement” with collapsed German financier Greensill Bank to pause all enforcement actions against Liberty, over debt facilities provided to the firm in 2019. The deal [...]
Thousands of jobs at risk after Sanjeev Gupta’s GFG Alliance loses bid to throw winding up order out of court Sanjeev Gupta 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 [...]
UK watchdog launches probe into tiny accountancy firm King & King over Sanjeev Gupta audits Audit 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 [...]
UK fraud investigators serve notice on companies linked to mining magnate Sanjeev Gupta April 27, 2022 UK fraud investigators yesterday served notices at multiple addresses linked to mining magnate Sanjeev Gupta, just a day after French police raided Paris offices linked to the embattled steel tycoon. The UK’s Serious Fraud Office (SFO) yesterday issued Section 2 notices to trading addresses linked to the Gupta’s Liberty House Group of companies, requesting financial [...]
HMRC hits under pressure Liberty Steel boss with winding up petition February 10, 2022 Her Majesty's Revenue and Customs is attempting to force a division of Sanjeev Gupta's steel empire into insolvency.
UK watchdog probes audit of Sanjeev Gupta’s Liberty Commodities, in wake of Greensill scandal February 10, 2022 The UK’s audit watchdog has launched an investigation into HW Fisher’s audit of Sanjeev Gupta’s metals trading company Liberty Commodities, after eight companies linked to the steel magnate borrowed up to £400m from collapsed firm Greensill Capital. The Financial Reporting Council (FRC) said it has launched a probe into London accountant HW Fisher’s audit of [...]
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 [...]
Glencore ‘in talks’ with GFG over refinancing aluminium business July 2, 2021 Sanjeev Gupta’s GFG Alliance is reportedly in talks with commodities giant Glencore over refinancing debt at its European aluminium business Alvance. The metals tycoon is scrambling to refinance his business after the collapse of main lender Greensill in March. The FT reported that Glencore and GFG were in discussions over refinancing $500m of debt at [...]
New boss at Liberty Steel UK as GFG restructuring continues June 28, 2021 Sanjeev Gupta’s GFG Alliance has today replaced Liberty Steel UK’s boss as it continues to overhaul its embattled operations. In a restructuring update, the company said that Roy Chowdhury would take over from Jon Ferriman as chief executive. It also said it was exploring the possible sale of Liberty Steel’s UK engineering business. The moves [...]
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 [...]