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As well as being owned by Gupta, Wyelands lent substantial amounts of money to companies connected to the 50-year-old businessman. The latest FRC probes come as regulators nets close in on Gupta, his business associate Lex Greensill, and the web of firms connected to them. The SFO confirmed earlier this year that it was investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of Gupta s business network the GFG Alliance, of which Liberty Steel UK is a part. Greensill Capital, founded by Australian banker Greensill, was a major lender to Gupta s empire but collapsed earlier this year after several insurers withdrew their cover for the loans. ....
Submitting. Liberty Steel But administrators for Greensill now want that money back after the lender collapsed in March, forcing GFG to refinance its operations. Sanjeev Gupta, the tycoon behind GFG, said: “The refinancing of the group, which is progressing well, brings closer the point of being able to honour our obligations to creditors.” He added: “Despite the difficult circumstances, GFG Alliance contains many high-quality businesses which are performing strongly in record markets where customer demand and pricing are strong. “By refocusing our businesses, we will protect more jobs and lay the foundations for future sustainable growth.” Liberty Steel’s UK managing director, Jon Ferriman, will step down on Friday, while Roy Chowdhury, a turnaround and industry expert, will be appointed chief executive. ....
Liberty Steel still seeking buyer for Sheffield plant as new UK boss appointed pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
New boss at Liberty Steel UK as GFG restructuring continues : CityAM cityam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cityam.com Daily Mail and Mail on Sunday newspapers.