Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

IGNORED

Sanjeev Gupta + Liberty House


spygirl

Recommended Posts

  • 5 weeks later...
  • 1 month later...

UK strips £400mn of Greensill loans to Sanjeev Gupta of state guarantee

British Business Bank that administered emergency Covid lending scheme withdraws guarantee on loans to metals tycoon

https://www.ft.com/content/babd5812-7760-4341-b75b-42a97e797d35



In 2020, Greensill lent £400mn under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), which benefited from an 80 per cent government guarantee. All of these loans were extended to companies either owned by — or connected to — Gupta. The public accounts committee later said that this practice appeared to “flagrantly contravene” a £50mn cap on loans Greensill could make to a single company. The British Business Bank told the FT that the connected nature of the borrowers was “not the sole” reason for withdrawing the guarantees. “There were a number of breaches that prompted our decision,” the bank added.

...



The withdrawal of the guarantees is likely to shift losses on to small towns in Germany, which held deposits in a Bremen-based banking subsidiary of Greensill that made the loans. The administrator of Greensill Bank may therefore look to challenge the termination of the UK government backstop in order to increase recoveries for depositors. “Whether other parties are unhappy with the outcome and may wish to dispute it is obviously up to them, but we feel that we’ve acted appropriately and lawfully and looked at the evidence carefully and reached a conclusion,” the British Business Bank said.

Link to comment
Share on other sites

  • 1 month later...
  • 5 months later...

Not Sanjeev but ...



Missed signals: behind Trafigura’s $577mn loss on non-existent nickel As the commodity trader begins legal action over empty containers, the inquest begins as to how it failed to spot the alleged fraud

https://www.ft.com/content/1dafda6c-9726-4a20-94ad-e9f7e7bbbc44



Ian Milne, who was responsible for trying to recover debt from Gupta’s UD Trading for trade finance fund TransAsia Private Capital between 2018 and 2020, said he was “flabbergasted” that Trafigura’s controls had not brought an earlier halt to its relationship with Gupta.

“I was amazed to see Trafigura were dealing with someone of his reputation,” Milne said. “He has been a persona non grata for many years.”

...



Jonas Rey, chief executive of Swiss corporate intelligence firm Athena Intelligence, told the Financial Times he had investigated TMT in 2015 and 2016 over an alleged scheme involving a network of companies trading between themselves, each with different bills of lading and their own financing.

I there an Indian busines school where they go and learn this fuckwittery?



Gupta began his career as a trainee at his father’s metals trading company Ushdev International, where he became managing director in 2008. The company, which was partly owned by UD Trading, became insolvent in 2018 after defaulting on loans from a number of Indian banks.

Several traders said they had also been wary of Gupta’s ties to Sanjeev Gupta, the metals magnate whose GFG Alliance group of companies is under investigation by the UK’s Serious Fraud Office.

Sanjeev Gupta, who is not a relative of Prateek’s, is a former Ushdev shareholder, according to Indian corporate filings.

 

...

An “informant” told Trafigura in November that one or two of the purchased containers contained something other than nickel, according to the court documents.

Link to comment
Share on other sites

  • 1 month later...
  • 10 months later...

Crisis at Gupta steel operations threatens European production, unions warn

European Commission urged to create task force to tackle problems at business magnate’s Liberty Steel

https://www.ft.com/content/ec9a51bd-b695-4a3f-a677-710a04a071f3#comments-anchor



Unions have held a “crisis meeting” to warn against the “risk of Europe’s steel production capacities becoming severely damaged and the green steel challenge unmet due to Mr Gupta’s irresponsible management”, they said in a statement.

They want Gupta to provide “full transparency” over the finances and refinancing of his European steel operations, which have been hit by production cuts and legal disputes amid a wider economic downturn in the region



Many facilities at Gupta’s European steel plants have been idle for weeks because of financial problems with no clear prospect of a restart to production as supplier bills go unpaid and raw materials run dry, the unions said. The lack of “liquid capital” had led to a “historically severe crisis”, they added

,..



“There is a massive lack of transparency in this company. We have been promised for years consolidated accounts for GFG’s European sites to no avail,” said Judith Kirton-Darling, acting joint general secretary of industriAll Europe.

“At the same time, a lot of state aid has gone into them and yet many plants are idle or falling apart. We want to know where this public money has gone,” she added.

Gupta pledged to file consolidated accounts for his steel business in 2019, but is yet to do so.

It's all going to crap. Rapidly.

Selected comments



(Edited) It's now clear once the spigot of $$ loaned to GFG against fraudulent invoices to Greensill ended, it was just a matter of time before this house of cards started to crumble. Time to stand back and watch, as this will not be pretty.

 



Don’t unions get rightly furious when members don’t get paid whilst other claims are prioritised? All staff being paid, it says. Not yet heard of a strike demanding consolidated accounts!

There is form here. BBC’s gushing Man of Steel highlighted staff getting paid in full whilst Welsh steel facilities were idled for many months. That was painted as saintly corporate behaviour. Same behaviour, different opinion now? Surely it should be the energy company and raw material suppliers that should be interviewed and their story heard? Not paying genuine bills on time is the crime here.

European steel production might well be highest marginal cost producer (given trade tariffs) - allied to big cyclical swings - makes for frequent stresses. The plants might make money with a fair wind. But if closed for good, the cost of remediation etc may make them worthless financially - closure is equally unappealing politically.

At the plant level, is it heads GFG wins / tails suppliers and ultimately staff and government lose? The stop start stop payment behaviour by GFG to all but staff is driven by specific factors : the thinnest equity support relative to debt outstanding (just plain inappropriate in a cyclical industry) and the lack of cross default handcuffs between disparate parts of GFG Alliance, a few of which might be doing real well occasionally.

At the corporate level, unsecured creditors are then at the whim of Sanjeev Gupta as to which business gets full financial support, who gets paid and who doesn’t. Some creditors hands are not completely powerless: electricity companies can turn off the lights and raw material suppliers can cease supplying. Let’s hear how they are reacting. If they are still supplying, then that speaks volumes. Recommend 3 Reply Share Report

LittleA 2 WEEKS AGO   In reply to Two Guvnors All this doesn’t stop the potential fact, that, GFG doesn’t have the money (and likely never did) to run these businesses. This isn’t a public private partnership. It’s a business that is privately owned and indebted to the max. Unions may suffer, staff may suffer, but was the due diligence done on the credibility of GFG when these businesses were acquired? And who was it done by? Because, I don’t think whoever sold these assets to Mr Gupta did their job correctly Recommend 2 Reply Share Report

Two Guvnors 2 WEEKS AGO   In reply to LittleA GFG may have had sufficient money for normal operations (but it was mostly debt-sourced you’re right, and that’s a red flag). For pandemic and war times, almost certainly not. Few do. It is not explicitly a public private partnership - but deep down, it is implicitly, a conjunction also with the retained staff. Due diligence is done by buyers as to the quality of the assets and liabilities being acquired, by the seller on the ability to pay. Has there been chatter that GFG didn’t pay on time and in full for the acquisition? Don’t think so. Skip to today. Clearly certain GFG Alliance companies have become late payers / non-payers in many countries & many situations in the last 3 years (in particular). Just how big will GFG and the folk behind it be if it is just left with those bits which are all paid up on their dues? Infrabuild plus Keystone plus a coal mine? Mrs G with the big house in Belgravia, Mr G dug in on the Palm? Recommend 1 Reply Share Report

LittleA 2 WEEKS AGO   In reply to Two Guvnors It’s not all his fault - he took a chance did Gupta ji. But fact remains. One should only take on what they can manage and it looks like it hasn’t worked. However, there must be accountability from all those that aided his over-ambition. He certainly did not act alone Recommend Reply Share Report

LittleA 2 WEEKS AGO   In reply to LittleA We all have a choice. I would personally walk away from anything associated with him. Credibility and reputation are two very important things

 

 

  • Informative 3
Link to comment
Share on other sites

On 16/02/2023 at 07:52, spygirl said:

Not Sanjeev but ...



Missed signals: behind Trafigura’s $577mn loss on non-existent nickel As the commodity trader begins legal action over empty containers, the inquest begins as to how it failed to spot the alleged fraud

https://www.ft.com/content/1dafda6c-9726-4a20-94ad-e9f7e7bbbc44



Ian Milne, who was responsible for trying to recover debt from Gupta’s UD Trading for trade finance fund TransAsia Private Capital between 2018 and 2020, said he was “flabbergasted” that Trafigura’s controls had not brought an earlier halt to its relationship with Gupta.

“I was amazed to see Trafigura were dealing with someone of his reputation,” Milne said. “He has been a persona non grata for many years.”

...



Jonas Rey, chief executive of Swiss corporate intelligence firm Athena Intelligence, told the Financial Times he had investigated TMT in 2015 and 2016 over an alleged scheme involving a network of companies trading between themselves, each with different bills of lading and their own financing.

I there an Indian busines school where they go and learn this fuckwittery?



Gupta began his career as a trainee at his father’s metals trading company Ushdev International, where he became managing director in 2008. The company, which was partly owned by UD Trading, became insolvent in 2018 after defaulting on loans from a number of Indian banks.

Several traders said they had also been wary of Gupta’s ties to Sanjeev Gupta, the metals magnate whose GFG Alliance group of companies is under investigation by the UK’s Serious Fraud Office.

Sanjeev Gupta, who is not a relative of Prateek’s, is a former Ushdev shareholder, according to Indian corporate filings.

 

...

An “informant” told Trafigura in November that one or two of the purchased containers contained something other than nickel, according to the court documents.

https://www.ft.com/content/ab817970-499a-473d-ae63-d1f3ba619d3e

Feb 23. Worth read.

The two Guptas are interwined, known to each other.

Brown people, laugh a minute....

Link to comment
Share on other sites

When other Brown people point out the the truth...



Perhaps it’s an innocent error, but it’s hard to believe. I’m not really sure what these surnames have to do with the story and why the headline needed to make hay about these men’s ethnicity. Guptas commit fraud, as do Wrights, Quinns, Huis, Cohens, and Hassans. I really didn’t peg the FT as a racist rag, but this is so egregious, I have to wonder. Recommend 6 Reply Share Report

BALL3R 1 YEAR AGO   In reply to mratari Nope totally disagree and I'm Indian. It was Rajat Gupta who sunk McKinsey. It was the Gupta family that dragged South Africa into a crisis. GFG Alliance and this also Guptas. These people are -_-

 

Link to comment
Share on other sites



Gupta is a pretty common name among Indians....... Recommend 3 Reply Share Report

Simple Simon 1 YEAR AGO   In reply to Claus in CPH I had the same thought after trying to remember whether the name of the brothers who effectively captured the SA State (blowing up ESCOM in the process) was ... Gupta. So if there are 50 million of so Guptas in the world and the statistical profile of honesty/dishonesty attributes in the population follows a normal distibution (the Bell curve), you would expect a fair sprinkling of accomplished scoundrels to bear that name. The big question: are the scoundrels to be found in the left tail or the right tail ... of the distribution, that is? Recommend 2 Reply Share Report

Bremen Buerger 1 YEAR AGO   In reply to Claus in CPH Although while Sanjeev Gupta claimed no business links with his 2 brothers Raj and Alok who run African Industries in Nigeria, I was found it strange that Liberty/GFG claimed transactions between UK Liberty metals in Port Talbot and African Industries. Logistics and economics never made sense at the time so assumed it was fresh air invoicing, no doubt financed by Greensill Recommend 1 Reply Share Report

Golden Girl 1 YEAR AGO   In reply to Bremen Buerger Go right back to Sanjeev’s beginnings in business- who funded Liberty Commodities Limited from the start in the 1990s.? Who funded the recaps after defaults? It’s just a classic organised family business. Recommend 4 Reply Share Report

Bremen Buerger 1 YEAR AGO   In reply to Golden Girl Too right :-) Recommend 1 Reply Share Report Krome 1 YEAR AGO   In reply to Claus in CPH Indian again and I thought there are too many Chiefs and very few Indians

Edited by spygirl
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...