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Sanjeev Gupta + Liberty House


spygirl

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And Sanjeev is still washing his hair in Dubai

Sanjeev Gupta has also been absent for several months from the U.K., where GFG owns numerous steel and aluminum plants and employs around 5,000 people. He said on recent podcasts for GFG employees that he left the U.K. for Dubai before Christmas, and hasn’t returned since.

“Dubai is the perfect location for me and my family to operate out of for now,” Gupta said on a April 16 podcast, citing the city’s time zone.

But he said that he was keen to be on the move again. “As soon as Covid travel restrictions in the U.K. and Australia and Europe are lifted I will definitely be trying to get in front of the customers and employees around the world.”

Id laugh it tuths out hes borrowed money from some UAE fund who decide to lock him in a dungeon.

 

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Back to intertwining con with Greensill

Invoices to ‘Friends of Sanjeev’ underpinned Greensill loans

Bulk of business at Gupta’s Liberty Commodities was from trades within the company or with close associates

https://www.ft.com/content/aca5f4d3-6ae1-46ce-8729-ce2f2d4ab9f7


The Financial Times revealed this month that some of the companies named on the paperwork deny doing business with Liberty, raising suspicions of fraud. Gupta said he refuted “any suggestion of wrongdoing”.

From Dubai ....

 

 

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The tiny audit firm that signs off Sanjeev Gupta’s empire

Based over a row of shops, King & King audits more than 60 of the steel magnate’s companies

https://amp.ft.com/content/125d7319-70c5-4e50-b305-a2ed9ddc4474

King & King is not well-known in accounting circles. Asked about the firm, two senior auditors at large UK challenger firms gave exactly the same response: “I’ve never heard of them.”

In the meantime, creditors such as Credit Suisse, whose clients are braced for losses on more than $1bn of exposure to Gupta’s companies, have to rely to a large extent on the work of Milan Patel, a 58-year-old chartered accountant little-known in the audit industry.

 

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ab98493d-cba2-474e-a693-1f7c8654ed34.png

Oh ffs

Gupta’s companies are not King & King’s only controversial clients. The firm also signed off on the financial statements of BRS Investment Holdings UK, a company controlled by Bavaguthu Raghuram Shetty, the Indian founder of hospital operator NMC Health and finance firm Finablr, which are both mired in allegations of fraud.

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Sanjeev Gupta’s ‘spiritual home’ Whyalla left on edge by crisis

Concerns intensify in Australian city revived by metals mogul as his funding dries up

https://www.ft.com/content/1e904e24-ce30-4914-8440-618e7524e777



When Sanjeev Gupta jetted into Whyalla, a rust-bucket Australian steel city, he called it a “diamond in the rough” and unveiled plans to invest billions of dollars.

The British industrialist was feted as a visionary by the country’s political establishment and Whyalla’s 1,200 steel workers, who led a parade through the city in his honour in 2017.

 

ffae36b3-0dea-4d27-aaa1-000bb84e9b0f.jpg

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Chewing Grass
1 minute ago, spygirl said:

Cost of polluting in bloc more than double its pre-pandemic level

Kerching - China wins.

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Sanjeev Gupta closes in on £200m loan for UK steelworks

Metals tycoon turns to White Oak after collapse of main lender Greensill Capital

https://www.ft.com/content/862e957c-bd64-459a-8e35-4f5917edd1d5

113aea65-2a03-4c59-ac08-8001c3c74b8a.jpg

Whos a cheeky chappy. Eh, whos a cheeky chappy....

Sanjeev Gupta has been thrown a potential lifeline for his British steelworks after agreeing terms on a £200m loan from White Oak, a US-based private finance group.

 

 

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On 06/05/2021 at 17:41, spygirl said:

Sanjeev Gupta closes in on £200m loan for UK steelworks

Metals tycoon turns to White Oak after collapse of main lender Greensill Capital

https://www.ft.com/content/862e957c-bd64-459a-8e35-4f5917edd1d5

113aea65-2a03-4c59-ac08-8001c3c74b8a.jpg

Whos a cheeky chappy. Eh, whos a cheeky chappy....

Sanjeev Gupta has been thrown a potential lifeline for his British steelworks after agreeing terms on a £200m loan from White Oak, a US-based private finance group.

 

 

Fuckwittery continues.

Credit Suisse casts doubt on Sanjeev Gupta’s £200m bailout loan

Swiss bank’s clients are owed $1.2bn by the metals magnate and lender says it has not been contacted about the plan

https://amp.ft.com/content/60903afa-97aa-4919-9bb2-5831e2669998

When this ends up in liquidation, you just know all the borrowing has in on cash to keep the business going - bar the stuff hes skimmed for his houses.

Bent cunt.

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Comments, stating the obvious that the regulators n banks just cannot admit

Does White Oak's Collateral package include the £42m pad in Belgravia or the Wyelands estate......... I think not!
Face it folks all the cash and the guy are long gone - suggest a good administrator come in today and start to sort out the mess asap...................
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Cities Licker
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17 HOURS AGO
 
reply In reply to Onlyfoolsandremorses
Err - someone has to appoint the administrator and the stakeholders are playing 'Pass the Insolvency' because no one gets a Knighthood or other government graft for pulling the plug.
 
It will go bust this year but at a time of the creditors choosing.
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Savvy Joe
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20 HOURS AGO
 
Freeze Gupta’s and his close associates’ assets (house in Belgravia seems to be in his wife’s name). 
Send in the SFO together with an army of forensic accountants.
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Golden Girl
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20 HOURS AGO
 
reply In reply to Savvy Joe
The A$34m Potts Point house in Sydney is in an associates name too..
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Magumbo
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20 HOURS AGO
 
reply In reply to Golden Girl
For such a dodgy guy he seems to have some trustworthy and loyal associates.
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balakris
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20 HOURS AGO
 
reply In reply to Magumbo
In the case of Indians, their close family.
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Eamonn Craft
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reply In reply to Magumbo
Ian Cameron and Lord Jeremy Heywood are doing all they can
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balakris
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20 HOURS AGO
 
reply In reply to Savvy Joe
Even if assets are in other names, if diversion of funds for other  than the stated purpose is proved, he will hav a prob.
But His connections are so deep that he has dodged a basic forensic audit.
Even his bankers are not asking for one!

 

 

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You'll note the Cameron bent stuff has been played down, not mentioned.

The ukgov-bent Gupta nexus is a few  v senior civil servants.

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Sanjeev Gupta’s Wyelands Bank teeters under weight of bad debt

Regulators forced lender to repay hundreds of millions of pounds to depositors

https://amp.ft.com/content/6c76487e-1119-4a36-9038-89d52fa0ea3b

The lender said on Thursday that £191m of its £234m loan portfolio was classed as non-performing as it reported losses of £69.5m for the year to April 2020.

 

Wyelands also admitted that it had become concerned that some loans to customers introduced by members GFG Alliance, Gupta’s loose collection of family-owned businesses, were not operating as intended and that this “was placing the bank at risk by creating direct exposures to GFG Alliance entities”.

No...........

 

 

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On 19/10/2018 at 12:05, spygirl said:

Anyone else wachign this leveraged loon?

 

Serious Fraud Office launches investigation into Gupta’s GFG

Probe will look at ‘suspected fraud, fraudulent trading and money laundering’

https://www.ft.com/content/b56416b2-340d-4866-9c79-6341a9c9f904

 

Eeeh the dirty little Indian crook ......

 

SFO - welcome to the dosbods.

You will find a list of names and companies worth looking at *before* the shit hits the fan.

regards

ms spy.

 

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Hours later White Oak Global Advisors, which had agreed to provide an estimated A$430m (£236m) in emergency funding to GFG’s Australian steelworks and was in talks to provide a £200m loan to its UK steel operations, said it could not continue with the deals in light of the investigation.

“As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” said the San Francisco-based lender.

 

Smells worse than a Calcutta  street drain after curry night.

 

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  • 2 weeks later...

Sanjeev Gupta moved part of Scottish loan away from struggling steel plant

Just over £2m of taxpayer funds were transferred to elsewhere in the industrialist’s empire

https://www.ft.com/content/3ef3dd66-4b63-41bc-91b9-e3c97e9b5cff



Sanjeev Gupta’s UK steel business transferred a portion of a £7m taxpayer loan given to a struggling Scottish plant to elsewhere in the industrialist’s empire, according to people familiar with the matter.

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https://www.thebusinessdesk.com/yorkshire/news/2075898-liberty-steel-plans-to-sell-off-its-non-core-business-in-south-yorkshire?utm_source=newsletter&utm_medium=email&utm_campaign=Yorkshire_24th_May_2021_Breaking

 

LIBERTY Steel Group, which is part of Sanjeev Gupta’s Gupta Family Group Alliance (GFG), has today announced it will look to sell its aerospace and special alloys steel business in Stocksbridge, South Yorkshire.

The business says that following meetings at the weekend in Dubai, Gupta and his newly-formed Restructuring and Transformation Committee are in “advanced discussions” with Credit Suisse Asset Management (CS) to reach a formal standstill agreement on its LIBERTY Primary Metals Australia business while refinancing is completed that will repay CS out in full.

It adds both parties also made significant progress in agreeing a framework to resolve GFG Alliance’s remaining exposure with CS.

 

This work includes identifying a positive solution which will allow LIBERTY to complete the restructuring and refinancing of its UK operations, which the company says will protect thousands of jobs.

But its update notes: “As part of this restructuring LIBERTY will look to sell its aerospace and special alloys steel business in Stocksbridge, which while being a unique, high quality business servicing marquee customers in aerospace, auto and other highly engineered applications, is not core to the GREENSTEEL vision of LIBERTY.

“This sale will allow LIBERTY to focus on developing its Rotherham plant including its electric arc furnaces into a competitive 2 million tonnes recycled GREENSTEEL plant, one of the largest in Europe.

“The plant will make use of some of the millions of tons of steel scrap currently exported by the UK to make more of the quality steel needed in the UK, which is currently being imported.”

LIBERTY says it has also already begun the formal sale process of LIBERTY Aluminium Technologies and LIBERTY Pressing Solutions, working with the main customers of these plants to find a sustainable home for these businesses, which are also “non-core” to LIBERTY’s vision of decarbonised GREENSTEEL.

A formal sale process for Stocksbridge and its downstream plants, the narrow strip mill at Brinsworth and Performance Steels at West Bromwich will be launched shortly.

GFG’s advisers Alvarez & Marsal will run both processes.

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Trafigura warned Credit Suisse over Gupta invoice last year

Commodities trading house raised concern in July 2020 over a bill it apparently owed one of industrialist’s companies

https://www.ft.com/content/25fdb537-adf2-4c82-ad6d-7421898e4b7c



The fund accounts in question indicated that Liberty Commodities had raised financing from Greensill against a $30m invoice to Trafigura, one of the world’s largest commodities trading houses.

This meant investors in the Credit Suisse funds should have earned a return when Trafigura paid the invoice. However, Trafigura executives told bankers at Credit Suisse that they did not believe this invoice was genuine, according to the people familiar with the discussions. The warning came as Credit Suisse was in the middle of an internal review of the funds.

 

Eeh the naughty little Indisn....

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