Bundaberg billionaire's empire moves closer to crashing

Bundaberg billionaire’s empire moves closer to crashing
One of the key clients of Greensill Capital has told top Australian executives to put safeguards in place, as its main banker is likely to file for insolvency.
Business
by Perry Williams, Nick Evans
5th Mar 2021 4:28 PM
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Sanjeev Gupta has told his top Australian executives its main banker Greensill Capital will likely file for insolvency, triggering GFG Alliance to make repayments on Greensill loans to an administrator rather than direct to its financier.
The embattled industrialist, owner of South Australia's Whyalla steelworks, said he is preparing for the insolvency action to change the relationship between the high flying duo, with GFG seeking to protect its position by making payments in an administrator-type relationship.

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