U.K. To Investigate Audits Into Greensill and Gupta’s Bank
Jonathan Browning, 28 June 2021
The U.K.’s audit regulator has begun investigations into the auditors for Greensill Capital and Sanjeev Gupta’s Wyelands Bank following the collapse of the trade finance specialist.
The Financial Reporting Council will probe Saffery Champness for its audit of Greensill’s 2019 accounts and will separately look at PricewaterhouseCoopers LLP, which audited Wyelands Bank. The investigations will be conducted by the regulator’s enforcement division, it said Monday. Continue reading “Article: U.K. To Investigate Audits Into Greensill and Gupta’s Bank”
Cash-strapped businesses grappling with the cost of the pandemic are increasingly securing loans against the value of unpaid invoices, or ‘factoring’ as it is often referred to.
Metro Bank is reportedly still waiting for the repayment of an £18m loan from embattled steel group Liberty. 
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.
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.
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.
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.
Britain’s financial crime unit is investigating suspected fraud and money laundering involving the businesses of Sanjeev Gupta, whose global metals empire ballooned in recent years with the aid of billions of dollars in financing from the failed firm Greensill Capital.
The business empire of Liberty Steel owner Sanjeev Gupta is under investigation by the Serious Fraud Office (SFO).
Just about three months ago, I wrote a blog post which featured this quote, from Charles P. Kindleberger’s Manias, Panics and Crashes: “Swindles are a response to the appetite for wealth (or plain greed) stimulated by the boom.” Since then, the number of frauds, or swindles, that has been revealed has soared, a clear testament to both the breadth and degree of greed inspired by the current boom.
For British PM Boris Johnson, the fallout from the collapse of Greensill has been akin to being gifted a golden saucer filled with excrement. At the time, BoJo apparently didn’t see anything wrong with facilitating the lobbying objectives of one of his predecessors, former PM David Cameron. But now that the British tabloid press has sicced the hounds on the PM, he has apparently realized it’s time for some damage control.