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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