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International metals group GFG Alliance, which owns Fort William aluminium smelter, is under investigation by the Serious Fraud Office (SFO).
The SFO said the probe was focusing on suspected fraud, fraudulent trading and money laundering, including its financing arrangements with failed company Greensill Capital UK.
GFG, which is headed by entrepreneur Sanjeev Gupta, said it will co-operate fully with the investigation.
In a statement, the SFO said: “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.
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The UK s Serious Fraud Office (SFO) said on Friday that it is investigating suspected fraudulent trading and money laundering related to companies within the Gupta Family Group Alliance (GFG), led by British-Indian businessman Sanjeev Gupta.
GFG Alliance includes the embattled Liberty Steel business that continues to find alternative financing after its main backer, Greensill Capital, collapsed in March. The SFO said its investigation covers the company s financial arrangements with Greensill Capital UK Ltd. 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, an SFO statement said.
The SFO is looking into suspected fraudulent trading and money laundering at companies in the GFG Alliance.
It will include the financing that was provided by Greensill, which entered administration in March.
The investigators said in a statement on Friday: “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.
“As this is a live investigation, the SFO can provide no further comment.”
A GFG Alliance spokesperson said: “GFG Alliance notes the UK Serious Fraud Office (SFO)’s announcement that it has opened an investigation into GFG Alliance.
Owners of Liberty Steel face fraud probe amid Greensill links
The company, which has a plant in Hartlepool, has been in trouble since lender Greensill Capital went into administration
Updated
A steel sheet is bent in to a U shape before being turned into a pipe at Liberty Steel s mill in Hartlepool (Image: Bloomberg)
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