An investigation into the activities of the GFG Alliance has been launched in the UK. So far, no specific charges have been filed, but the investigation itself will complicate the work of the company, making it difficult to obtain funding. Meanwhile, the company has to pay for Huta Częstochowa by May 30 – there are no signals yet that the deal will not take place.
Huta Częstochowa is the largest producer of heavy plate in Poland. It produces 85% of all sheet metal produced in Poland and sells half of its production in the EU markets.
- Fraud and money laundering allegations are why the Serious Fraud Office, the UK’s anti-corruption agency, has launched an investigation.
- GFG is leasing Huta Częstochowa and will soon acquire it based on a winning tender. After receiving information about the initiation of an investigation, one of the potential lenders withdrew funding for almost half a billion pounds.
- Huta Częstochowa works fine. The recipient agrees on the final content of the sales contract and expects payment.
The Serious Fraud Office (SFO) confirmed last week that it is “investigating suspicions of fraud, unfair trading and money laundering in connection with the financing and conduct of business of Gupta Family Group Alliance (GFG) companies, including financing agreements with Greensill Capital. UK Ltd “. The Office said it would not comment on the matter due to the ongoing investigation.
According to British media reports, the GFG Alliance makes similar warnings, only stating that the company and members of the Gupta family will fully cooperate with SFO.
The Financial Times recalled that, according to its findings, one of the group’s companies provided Greensill with invoices for transactions with four European companies, which, in an interview with FT journalists, said that there were no such transactions.
Sanjeev Gupta allegedly explained that one of these companies was considered a “potential contractor,” and therefore the company asked Greensill to fund future deals.
The British press notes that regardless of the results of the investigation, mere information about his behavior could harm the company, as potential lenders could refuse funding.