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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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  • 2 weeks later...

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...
  • 1 month later...

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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  • 2 weeks later...
  • 2 weeks later...
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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