MPs slam Sanjeev Gupta over failure to face Liberty Steel questions
The Business Committee want answers to questions over the structure of the tycoon’s GFG Alliance and the financial future of Liberty Steel.
The Business Committee want answers to questions over the structure of the tycoon’s GFG Alliance and the financial future of Liberty Steel.
The lender was stopped from handing out more loans as officials worried it might be breaking the rules.
Chief executive Stephen Rose was appearing before the Business, Energy and Industrial Strategy Committee.
PwC and Saffery Champness will be investigated by the accountancy watchdog over their roles in auditing Greensill and Wyelands Bank’s accounts.
The eight companies were granted £400 million in Government-backed Covid loans
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Business Secretary Kwasi Kwarteng said a range of choices were being considered for the steelmaker’s future.
The sale comes after the collapse of Greensill Capital in March.
The business has faced trouble since Greensill Capital collapsed.
Mr Gupta’s company is facing a probe by the country’s top fraud investigators.
The GFG Alliance had relied heavily on the failed finance company.
The former prime minister is appearing before two committees of MPs investigating the collapse of the finance firm.
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The company was thrown into crisis when its financial backer Greensill went bust, putting some 5,000 UK jobs in jeopardy.
The Business Secretary told MPs the firm had ‘good assets’ but that he could give no guarantees for the future.