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Sanjeev Gupta + Liberty House


spygirl

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The FT have a done one of these dramatic filming the journo pieces - 

No subs required

https://www.ft.com/video/3b021684-5e03-4215-9c39-44aef5c3c848

Im guessing its going to go major, with Gupta beign charged with fraud.

In summary, its a story about a big idiot (Lex) and a big crook (Gupta), with walk-on idiot parts for Cameron + Jeremy Dead CS

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https://www.ft.com/content/fdb6c9ca-9685-41c6-b5fa-ce43adb71bd6



A senior executive at Liberty Steel UK, an arm of Sanjeev Gupta’s GFG Alliance, has professed ignorance about the exact state of the company’s finances under sustained questioning by MPs. Anton Krull, chief financial officer, was unable to answer detailed questions about the viability of the company’s operations including the extent of the government’s support to Liberty Steel during the pandemic.  Speaking to MPs on the business, energy and industrial strategy select committee on Tuesday, Krull said that despite being CFO, his remit “does not extend to the balance sheet in terms of the capital structure”. 

 

I guess hes employed to stand there and look white.

Edited by spygirl
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Richard Fuller, Tory MP for North East Bedfordshire, said the testimony from the executives had only “reinforced what the secretary of state said about how opaque the business is”, adding: “all roads lead to Sanjeev”. 

“It is totally unacceptable when so many issues around the viability of the business relate to financial matters at GFG that they sent two people who were patently incapable — for good reasons — of answering even the most basic of questions,” he said.

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Greensill sent all loans under government scheme to Gupta-linked companies

Eight businesses that borrowed from firm under taxpayer-backed programme revealed

https://www.ft.com/content/3862647f-82ff-46c6-89a8-9eb21c1ab981

No!!!!!!!!!!!

Wonder if honest Sanjeev will step foot in the UK again? At least without a warrant.

Daft Lexy is still in the UK. I bet UKGIOV are looking after his passport.

 

 

 

 

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Wyelands ‘extremely unlikely’ to find buyer, says bank chief

MPs hear that future of lender in doubt after Gupta refuses to inject cash for relaunch

https://www.ft.com/content/e724711a-d4f2-4f6e-b997-1bc5c1421006

Lots of comedy in this.



Milan Patel, partner at King & King, the small accounting firm that audits dozens of Gupta’s companies, appeared separately before the committee. He refused to answer questions about GFG Alliance, citing a letter from its lawyers on June 25 instructing him not to divulge confidential client information.



A Financial Times investigation in April revealed King & King audited the most recent accounts of more than 60 GFG companies in the UK, with combined revenues of nearly £2.5bn. London-based King & King has about 40 staff, including roughly 10 secretaries and junior accountants who do not work on audits, Patel said.



Asked what he knew about “future receivables” financing, under which Greensill Capital advanced funds to GFG companies on the basis of prospective future client relationships, Patel said: “To be honest, until I read in the newspaper I had no idea what future receivables was.”

 

https://uk.linkedin.com/in/milan-patel-fcca-aca-10661b50

King & King Chartered Accountants and Chatrered Tax

 

 

A popover with more user information
2 HOURS AGO
 
reply In reply to AFB
The Bank reported concerns to the National Crime Agency in ‘late 2018/early 2019’, according to Bailey.
The FCA under Bailey knew of Greensill shenanigans from mid-2018.
 
Why was nothing done?
Why were German customers of Greensill Bank and Credit Suisse fund investors hung out to dry?
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21 minutes ago, spygirl said:


Asked what he knew about “future receivables” financing, under which Greensill Capital advanced funds to GFG companies on the basis of prospective future client relationships, Patel said: “To be honest, until I read in the newspaper I had no idea what future receivables was.”

 

 

 

 

A popover with more user information
2 HOURS AGO
 
reply In reply to AFB
The Bank reported concerns to the National Crime Agency in ‘late 2018/early 2019’, according to Bailey.
The FCA under Bailey knew of Greensill shenanigans from mid-2018.
 
Why was nothing done?
Why were German customers of Greensill Bank and Credit Suisse fund investors hung out to dry?

Surely point 1 of being an auditor is to ask, I don't understand this - tell me WTF you think this is?

As for the German customers being hung out to dry - that's the fault of the German and Swiss regulators.  

 

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29 minutes ago, eek said:

Surely point 1 of being an auditor is to ask, I don't understand this - tell me WTF you think this is?

As for the German customers being hung out to dry - that's the fault of the German and Swiss regulators.  

 

Surely the point of being an auditor is to understand company accounts.

He appesrs to be another dodgy Indian who bought his qualifications off the internet.

Future receivable is not hard to grasp.

 

 

 

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30 minutes ago, spygirl said:

Surely the point of being an auditor is to understand company accounts.

He appesrs to be another dodgy Indian who bought his qualifications off the internet.

Future receivable is not hard to grasp.

It might be especially when it's being used the way Gupta was using it - as it wasn't this is money we are GOING to receive in the future in this world - it was this is money we might potentially receive at some point in the future.

What I've learnt over the years of doing IT projects is that it is worth documenting and agreeing absolutely everything as you never know when a term you think is obvious has been / is being misused by a client. 

 

Edited by eek
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  • 1 month later...
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Gupta parties as GFG’s problems pile up

Embattled metals magnate celebrates his birthday in lavish style while his business faces an uncertain future

https://www.ft.com/content/5e364741-c91e-4b7c-b3f3-a294417ec673



As revellers enjoyed the dying days of summer on the Greek resort island of Mykonos last weekend, a distinctive blue and silver helicopter whirred overhead.

Passengers on the private aircraft sat comfortably in its white leather seats as they neared their destination: Sanjeev Gupta’s lavish 50th birthday celebration. While few of the onlookers relaxing poolside at the luxury hotels below are likely to have recognised the corporate logo on the tail, the call sign emblazoned below the helicopter’s rotor blades — “M-INES” — offered a clue to the heavy industry that made the owner’s fortune.

Thousands of steelworkers employed by Gupta’s businesses around the world face an uncertain future following the collapse of his main lender Greensill Capital. But while the metals magnate has not stepped on British soil since the Serious Fraud Office opened an investigation into businesses in his Gupta Family Group Alliance, he is still living the high life, enjoying regular trips to Europe from his new home base in Dubai.

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  • 4 weeks later...
Long time lurking
On 02/08/2021 at 18:15, spygirl said:

Who writes those articles ? 

That is total bollocks that plant has not had the ability to make steel for 20+ years it just rolls imported slab 

His business model is source to table so to speak virtually everything that comes out of that plant goes to other plants owned by him which are 90%+ dependant on the motor industry  

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On 17/11/2021 at 13:33, spygirl said:

https://www.ft.com/content/4a332e59-27bc-4f6c-9b93-f201c595b38f

Scottish government guarantee to Sanjeev Gupta was £586m

Exact figure disclosed after near two-year freedom of information battle

And as reported in the BBC -

https://www.bbc.co.uk/news/business-59351160

Taxpayers may be liable for up to £335m after a government bank failed to scrutinise collapsed lender Greensill Capital properly, MPs have said.

A Public Accounts Committee report on the British Business Bank's Covid loan scheme said checks to approve the company were "woefully inadequate".

Greensill went on to lend £418m to companies, 80% of which may have to be repaid by taxpayers if they default.

Ex-PM David Cameron was an adviser to the lender, which collapsed in March.

A government spokesman said it was not involved in the decision to accredit Greensill: "The decision was taken independently by the British Business Bank, in accordance with their usual procedures."

 

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  • 2 months later...

https://amp.theguardian.com/politics/2022/jan/23/suzanne-jeremy-heywood-lobbying-scandal-greensill-affair

Suzanne Heywood: ‘Jeremy gave his life to public service. He should not take the blame for the lobbying scandal’

The wife of the ‘civil servant who ran Britain’ until his death in 2018 says he has been unfairly tarnished by the report into the Greensill affair and made a scapegoat for a Tory party scandal

When Jeremy Heywood died of lung cancer in 2018, aged only 56, the four prime ministers he served, Tony Blair, Gordon Brown, David Cameron and Theresa May, lined up to praise his integrity and brilliance; May described him as “the greatest public servant of our times”. Heywood had spent his time in hospital working on a memoir of his years in government with his wife, Suzanne, a distinguished businesswoman. The book was published early last year. Its title was a phrase that had rarely been far from the lips of any government minister in 30 years of crises: “What does Jeremy think?

In the months after her book came out, however, Suzanne Heywood spent many sleepless nights rolling an angrier version of that phrase around her head. She says she came to understand that the lobbying scandal – which exposed how David Cameron had made millions promoting the business interests of the financier Lex Greensill with former ministerial colleagues – was being used to tarnish the reputation of her late husband. For the paperback of her book, Baroness Heywood has written a new chapter which argues that Jeremy Heywood, unable to defend himself, became a scapegoat for a Conservative party scandal. She claims her experience provides an insight into the ways this government is prepared to rewrite the recent past, and sacrifice loyal servants, to cover up its failings. This edited extract gives her account of her efforts to protect her husband’s good name.

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A tireless public servant, drawn into tawdry Con scandal....

Missing out a fair bit -

From 1983 to 1984, Heywood worked as an economist at the Health and Safety Executive, before moving to the Treasury,[10] and became the Principal Private Secretary to the Chancellor of the Exchequer then Norman Lamont at the age of 30, having to help mitigate the fallout from Black Wednesday after less than a month in the job.[11] He remained in this role throughout the 1990s under Chancellors Kenneth Clarke and Gordon Brown. He was economic and domestic policy secretary to Tony Blair from 1997 to 1998,[10] before being promoted to be the Principal Private Secretary to Prime Minister Tony Blair in 1999. He stayed in this position until 2003, when he left the civil service in the wake of the Hutton Inquiry where it emerged that he said he had never minuted meetings in the Prime Ministerial offices about David Kelly, a job he was required to do.

He became a managing director of the UK Investment Banking Division at Morgan Stanley where he was embroiled in the aftermath of the collapse of Southern Cross Healthcare.[12] Upon Gordon Brown becoming Prime Minister in 2007, Heywood returned to government as Head of Domestic Policy and Strategy at the Cabinet Office.

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He pushed off after covering up a Labour scandal.

Fucked up in the private sector, then came back under Brown.

Then, being an inumerate, greedy civil servant, brought his gormless Ocker mate from the bank, to 'optimise' stuff.



Jeremy Heywood Boardman is clear in his belief that it was Jeremy Heywood, head of the civil service, who first brought Greensill into Whitehall and set him up with a desk in the Cabinet Office, a pass and a Downing Street email address. “My primary liaison is with Jeremy Heywood,” Greensill says in one memo from 2012. Greensill and Heywood had worked together at Morgan Stanley in the mid-2000s. The report shows how Greensill was in touch with the government as early as 2008, name-dropping “Jeremy Heywood at Number 10” to a sceptical Treasury official. Three years later, in 2011, Heywood emailed a colleague to argue that Greensill should join the Cabinet Office. By the end of 2011, Greensill was starting to provide informal advice to the government on supply chain finance. When Heywood was advised to refer his reappointment to an internal “approvals board”, the cabinet secretary replied saying: “Sure — though it is bureaucracy gone mad!”

 

 

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  • 3 weeks later...

GFG routed transactions through Sanjeev Gupta’s Romanian bank

Metals magnate used BRCI for payments including carbon credits sale that prompted outcry from Czech politicians

https://www.ft.com/content/ee614c06-6db1-4bb9-af55-44f016169057



Sanjeev Gupta has turned to an obscure bank he owns in Romania to process transactions, as criminal probes draw scrutiny on his troubled metals empire in the wake of his main lender Greensill Capital’s collapse.

Gupta, whose British retail bank Wyelands last week announced it had “no viable future” and is braced for potentially crippling fines from multiple financial regulators, also owns Bucharest-based Banca Romana de Credite si Investitii.

BRCI has processed a number of payments for businesses in Gupta’s GFG Alliance in the past year, according to people familiar with the transactions and documents seen by the Financial Times.

The documents show that Gupta’s business last year used a bank account at BRCI for a contentious carbon credits transaction, struck the month after Greensill’s collapse sparked a liquidity crisis at GFG. In that April 2021 deal, Gupta’s Czech steelworks sold carbon emission allowances worth about €40mn to its sister plant in the Romanian city of Galati, provoking outcry from Czech politicians.

Murali Subramanian, who oversees Gupta’s banking arm from Dubai and sits on BRCI’s board, told the FT the bank provides “non-credit services’‘ to companies within the GFG Alliance. However, he said GFG companies made up only a “small fraction” of the bank’s client base.

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One thing I didnt click until very recently is that Sanjeev  brothers are slightly better if a lot less leveraged metal trader in Nigeria -

https://www.africanindustries.com/about-us.html

https://www.forbes.com/sites/chrystanpaul/2018/03/21/why-sanjeev-gupta-may-just-be-the-worlds-most-ambitious-industrialist/?sh=69a7ae8f252d

I presume this is the usual fucked in the Indian intra family competition/dick waving.

File under 'never do business with brown people'

 

 

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