Article: Liberty Steel breached £18m loan with Metro Bank – report

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Liberty Steel breached £18m loan with Metro Bank – report

Angharad Carrick, 23 May 2021

Metro Bank is reportedly still waiting for the repayment of an £18m loan from embattled steel group Liberty.

It is the latest sign of trouble for Liberty’s owner GFG Alliance which is being investigated by the UK Serious Fraud Office for alleged money laundering and fraudulent trading. Its future has been in doubt since its main backer, supply chain finance firm Greensill Capital collapsed into administration in March.

But its troubles started some time earlier, with a loan secured on the steelworks as early as 2018, the BBC reported. Filings at the Isle of Man Companies Registry show that it’s one of a portfolio of industrial properties, including another factory in South Wales, which were pledged as security for an £18m loan from Metro Bank.

Liberty’s accounts for 2018-19 say that “due to breaches of… covenants and restrictions, Metro bank have called in the [loan] facility and have stipulated that full repayment must be made” by 31 March 2020.”

A GFG Alliance spokesman declined to say what caused the terms to be breached and added: “no loan terms have been breached due to non-payment” and “discussions are ongoing and are being resolved.”

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Article: Sanjeev Gupta’s GFG Alliance faces scrutiny from UK’s Serious Fraud Office

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Sanjeev Gupta’s GFG Alliance faces scrutiny from UK’s Serious Fraud Office

Stuart Burns , 18 May 2021

The UK’s Serious Fraud Office (SFO) has gone public investigating charges that Sanjeev Gupta’s GFG Alliance (Gupta Family Group Alliance) holding company and subsidiaries, such as Liberty Steel, has been involved in fraud, fraudulent trading and money laundering.

As such, that has almost certainly put the end to refinancing efforts, at least for parts of the group in the UK. Continue reading “Article: Sanjeev Gupta’s GFG Alliance faces scrutiny from UK’s Serious Fraud Office”

Article: GFG Alliance: Fraud investigation now looms

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GFG Alliance: Fraud investigation now looms

Brian Taylor, 17 May 2021

An investigation being undertaken by the Serious Fraud Office (SFO) of the government of the United Kingdom may shed light on to what extent metals producer the GFG Alliance has been affected by the former Greensill Capital, or to what extent the two firms worked in tandem to create financial irregularities.

According to online reports from The Guardian and other U.K.-based media, the announcement by the SFO that it was looking into GFG “immediately caused the collapse of a rescue deal for Liberty Steel and raised fears over thousands of British jobs.” Continue reading “Article: GFG Alliance: Fraud investigation now looms”

Article: U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO

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U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO

Ellen Milligan, 16 May 2021

The Serious Fraud Office will start a criminal probe into Sanjeev Gupta’s GFG Alliance just as the beleaguered British prosecutor faces intense criticism for its inability to secure a high-profile conviction.

The SFO has struggled to prosecute individuals after securing settlements with companies. In recent weeks, it dropped its probe into former Airbus SE directors and was dealt a humiliating setback after its trial against two former Serco Group Plc directors fell apart because it failed to disclose evidence.

The investigation into suspected fraud and money laundering in relation to GFG and its financing agreements with Greensill Capital may well be its biggest probe in years and much is riding on it. There’s pressure from lawmakers for the prosecutor to investigate Gupta’s empire and its dealings with Greensill. Continue reading “Article: U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO”

Article: UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill

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UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill

Huw Jones, Eric Onstad, 14 May 2021

Tycoon Sanjeev Gupta’s commodities empire is being investigated by Britain’s Serious Fraud Office in a probe that encompasses the conglomerate’s links to collapsed lender Greensill Capital, the SFO said on Friday.

The probe piles pressure on Gupta, who has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March. Continue reading “Article: UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill”

Article: Gupta empire facing UK fraud probe over Greensill

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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. Continue reading “Article: Gupta empire facing UK fraud probe over Greensill”

Article: SFO launches money laundering probe into Gupta family over ties to Greensill Capital

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SFO launches money laundering probe into Gupta family over ties to Greensill Capital

HMichiel Willems, 14 May 2021

The Serious Fraud Office (SFO) said this morning it is launching an investigation into the Gupta Family Group Alliance.

“The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.,” the watchdog said in a statement shared with City A.M.

“As this is a live investigation, the SFO can provide no further comment,” it added. Continue reading “Article: SFO launches money laundering probe into Gupta family over ties to Greensill Capital”