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Steel tycoon Sanjeev Gupta ‘inundated’ with finance offers

Steel tycoon Sanjeev Gupta boasted he had been ‘inundated’ with refinancing offers just hours before fraud probe into his ailing metals empire was launched

Steel tycoon Sanjeev Gupta boasted that he had been ‘inundated’ with refinancing offers just hours before a fraud probe into his ailing metals empire was launched. 

The Liberty Steel owner is battling to repair the damage wrought on his GFG Alliance by the collapse of its main lender, Greensill Capital. 

On Friday the Serious Fraud Office began an investigation into suspected fraud and money laundering, as well as GFG’s dealings with Greensill, which employed David Cameron. 

Boast: Sanjeev Gupta is battling to repair the damage wrought on his GFG Alliance by the collapse of its main lender, Greensill Capital

Gupta had told an internal company podcast before the probe: ‘We have been inundated by offers to help and to finance because people recognise that markets are good, our businesses are good.’ 

He said ‘working capital has been offered’ to aid the UK business. 

The SFO probe prompted a proposed lender, White Oak Global Advisers, to pull out of GFG’s Australian and UK refinancing. 

Gupta had planned to stabilise the business Down Under first before turning to Europe but that strategy has been thrown into doubt by the probe.

Read more at DailyMail.co.uk