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Future of Australian steelworks in doubt as UK fraud office investigates Gupta
The future of the Whyalla Steelworks in South Australia (SA) hangs in the balance as the fallout continues from the recent collapse of Greensill Capital.
The Gupta Family Group Alliance (GFG), which owns the Whyalla plant, owes an estimated $6 billion to Greensill, and is now the target of a liquidation operation by Credit Suisse, a major Greensill creditor.
GFG Alliance executive chairman Sanjeev Gupta marches with union officials and ALP senator Kim Carr in Whyalla, South Australia, September 2017. (AAP Image/David Mariuz.)
The plant’s 1,500 workers, as well as around 400 workers at GFG’s metallurgical coal mine at Tahmoor in New South Wales, now find their livelihoods threatened by the speculative wheeling-and-dealing of the financial elite. ....

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