Last modified on Wed 9 Jun 2021 09.24 EDT
Sanjeev Gupta’s GFG Alliance has started legal action in the British Virgin Islands to prevent creditors taking over a subsidiary, in the latest sign of the metals tycoon’s mounting difficulties.
Gupta has been battling on multiple fronts to preserve his commodities and energy empire since March after the collapse of his major financial backer, Greensill Capital. The collapse has put severe pressure on parts of GFG, including Liberty Steel metalworks, that employ thousands of people in the UK and Australia.
GFG’s creditors started proceedings last month to put one of its companies, Simec UK Energy Holdings, into receivership, a process often used to recoup money from a borrower that has breached obligations such as making loan repayments.
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The group also asked the Nigeria police to contact JPMC and the SFO of United Kingdom, to seek their verification of the origins of the email through forensic analysis contrary to attempts by Adoke and his lawyers to get the police to harass and intimidate HEDA and its Chairman, Olanrewaju Suraju.
Meltdown? Turmoil at Sanjeev Gupta s Liberty Steel stokes job fears in UK
Gupta was once seen as the saviour of British steelmaking but is now fighting for survival following the collapse of its main lender Greensill Capital and fraud allegations.
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A sign at Liberty Steel s Stocksbridge steel plant on May 26, 2021 in Stocksbridge, northern England. (Photo | AFP) By AFP
LONDON: Sanjeev Gupta s Liberty Steel company one of the world s largest steel empires faces an uncertain future after announcing plans to sell three of its UK plants.
Liberty employs 3,000 UK workers and parent company Gupta Family Group (GFG) Alliance has 35,000 employees around the world, with metalworks and mines in Europe, the United States and Australia.