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Sanjeev Gupta and the Indian connect to a very British scandal

Earlier this year, the UK Serious Fraud Office launched an investigation into the relationship between Sanjeev Gupta's GFG Alliance and Lex Greensill's Greensill Capital, which filed for insolvency in March.

October 31, 2021 / 12:15 PM IST
Sanjeev Gupta is Britain’s fifth-biggest private landowner.

Sanjeev Gupta is Britain’s fifth-biggest private landowner.

The long-standing existential crisis that besets Britain’s steel industry, coupled with the alluring claim of transforming the drab business of supply-chain finance into an art form by using artificial intelligence gave birth to Britain’s biggest lobbying scandal in recent memory. The collapse of Greensill Capital in March 2021, the continued precarious situation of one of its biggest borrowers Liberty Steel, and the public humiliation of the former UK Prime Minister David Cameron were the hallmarks of the scandal which was long brewing and broke this year.

One person who continues to remain under far greater focus than almost anyone else in this saga is Liberty Steel’s Sanjeev Gupta, Britain’s third-largest steel maker, and fifth-biggest private landowner. Why? Because thousands of jobs and the direction that Britain’s steel industry will take are dependent on how well and quickly the India-born, Cambridge-educated entrepreneur manages to keep his empire afloat.

Gupta continues to scramble for financiers, after managing to survive what many termed imminent closure in the wake of Greensill Capital’s collapse.

Earlier this month, GFG Alliance said it had struck a GBP 50 million debt restructuring deal with Credit Suisse, mainly to shore up its steel and coal mining assets in Australia but also to restart its Rotherham electric furnace in the UK.