The Serious Fraud Office is investigating the financing of the Gupta Family Group Alliance (CFG), the conglomeration of companies controlled by Liberty Steel owner Sanjeev Gupta.
The enquiry will include a probe into GFG’s links to Greensill Capital, the supply chain finance company that went belly-up in spectacular fashion despite what we must assume are the best efforts of former prime minister David Cameron to persuade the government to embed Greensill into the government’s purchasing decisions system.
The Serious Fraud Office (SFO) said it was "investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG).”
A spokesman for GFG said it would cooperate fully with the investigation.
“GFG Alliance continues to serve its customers around the world and is making progress in the refinancing of its operations which are benefiting from the operational improvements it has made and the very strong steel, aluminium and iron ore markets,” a company spokesman said.
It is estimated that around 35,000 people worldwide on the payroll of companies operating under the GFG umbrella, including some 3,000 people at Liberty Steel in the UK.