Serious Fraud Office lauches probe into GFG Alliance
Posted by Steelonthenet news editor, 14th May 2021 20:15:00 GMT
SFO investigation launched into 'suspected fraud, fraudulent trading and money laundering', including links to Greensill.
The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.
Shortly after the SFO announcement was made, White Oak Global Advisors - which had agreed to provide an estimated £236m in emergency funding to GFG's Australian steelworks and was in talks to provide a further loan to the UK steel operations - said it was 'not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering'.
See news report
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The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.
