The UK's Serious Fraud Office has announced it is investigating SA Whyalla Steelworks owner Sanjeev Gupta's company, Gupta Family Group Alliance.Greensill Capital, owned by Australian businessman Lex Greensill, was a major lender to Mr Gupta's business and collapsed last monthThe office says it will look into suspected fraudulent trading and money laundering, including financial arrangements with failed company Greensill Capital.
"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," the spokesperson said. On Thursday, Mr Cameron testified before politicians on his activities for Greensill, which he insisted was motivated by a desire to help support British workers and businesses "in the economic turmoil caused by COVID" and not financial gain from his Greensill shares.
Eddie Hughes, the South Australian member for Giles, which encompasses Whyalla, said the community and the steel industry in the area would "get through this"."The thing that Australia should never lose sight of is that Australia can produce steel.
Gupsta Steel are in the shite since the demise of greensill Whyalla is at best on life support with a less than promising prognosis