Former boss of Gupta-linked Wyelands Bank fined £120,000
The Bank of England had previously rapped Wyelands for having too much exposure to Liberty Steel owner Sanjeev Gupta’s business empire.
The Bank of England had previously rapped Wyelands for having too much exposure to Liberty Steel owner Sanjeev Gupta’s business empire.
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The Bank of England said it would not fine Wyelands Bank because it is in the process of winding down and has ‘very limited financial resources’.
Barrett is set to acquire assets of the collapsed firm by not its hot rolled business in Dudley, resulting in 45 job losses.
Steel tycoon Sanjeev Gupta’s GFG Alliance acquired the collapsed firm and said it hopes to save 250 ‘viable’ steel jobs.
The firm said it will offer an alternative to redundancy through a programme which aims to retain, redeploy and reskill workers.
King and King will be investigated for its role as auditors in signing off accounts for four Liberty Steel businesses over the past three years.
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It comes almost a year after an inquiry was launched into suspected fraud and money laundering by parent firm GFG Alliance.
The Public Accounts Committee accused the bank, which administered Covid loans, of being ‘insufficiently curious’.
The cash will allow the Rotherham plant to reopen after being closed since spring.
Mr Cameron’s spokesman said the former PM’s finances were a private matter.
The business, which owns Liberty Steel, has been restructuring amid the collapse of lender Greensill Capital.
The British Business Bank said that officials at the business department took showed an ‘unusual’ level of interest in Greensill.
Business Secretary Kwasi Kwarteng said a Government intervention to prop up Liberty Steel is not off the table.