Gupta empire facing UK fraud probe over Greensill
Simon Jack, 14 May 2021
The business empire of Liberty Steel owner Sanjeev Gupta is under investigation by the Serious Fraud Office (SFO).
The probe is over suspected fraudulent trading and money laundering, including its financing arrangements with failed company Greensill Capital UK. Greensill, a major lender to Mr Gupta’s business, collapsed in March.
GFG Alliance, Mr Gupta’s family conglomerate, said it would co-operate fully with the investigation.
“As these matters are the subject of an SFO investigation we cannot make any further comment,” a GFG spokesperson added.
GFG Alliance employs 35,000 people at companies stretching from Wales to Australia. Its Liberty Steel arm in the UK has about 3,000 staff.
The company’s reliance on Greensill caused many to worry that it might itself be at risk following the finance firm’s demise. GFG is in talks with finance firms about providing emergency loans. A request for a £170m from the UK government was rejected.
On Thursday, former prime minister David Cameron, who worked for Greensill and lobbied the government on its behalf, appeared before MPs to answer questions about his role.
