Skip to content
Search

Latest Stories

MPs slam Gupta for not appearing for inquiry, sends 36 questions

MPs slam Gupta for not appearing for inquiry, sends 36 questions

THE chairman of the Business Committee of MPs, Darren Jones, accused the steel magnate Sanjeev Gupta of being “deeply discourteous” over his refusal to appear before MPs.

Jones said the businessman must explain the way his empire is run, sending him a list of 36 questions.


The committee is investigating Liberty Steel and the future of the UK steel industry. MPs are also looking at the collapse of Greensill Capital, key financier of Gupta’s GFG Alliance, which had an exposure of around £3.6 billion.

GFG’s companies – which includes Liberty Steel – were paid £350 million across seven government-backed Coronavirus Large Business Interruption Loan Scheme (CLBILS) loans from Greensill, the Independent reported.

Gupta was asked to appear before MPs but refused. He has only agreed to send written evidence to the committee.

Jones wrote, “The public will infer what they will from your refusal to appear.”

“Given the broader importance of these issues, as well as their centrality to our inquiry, you will appreciate the need for detailed and comprehensive answers,” Jones added.

“I expect your written submission to answer each individual question in turn and will not accept attempts to avoid questions by providing sweeping general answers in a format to your liking.”

The committee has also criticised GFG’s structure for being too opaque.

Firms under the GFG group are linked through their ownership by Gupta and his family, but they are not formally part of a group.

Questions to the businessman cover issues including allegations that GFG used fake invoices and so-called circular financing.

Besides, MPs want to know how the government loans were spent by Liberty Steel, whether GFG Alliance companies were divided into separate legal entities to bypass the £50m lending limits on CLBILS loan guarantees.

The committee also asked whether Gupta personally lobbied any current or former government ministers or officials.

“Liberty Steel companies have received hundreds of millions in taxpayer-backed loans and the GFG Alliance has been in receipt of millions more in government guaranteed-funding,” Jones said.

Considering the taxpayers’ substantial exposure to GFG Alliance, it is right for Parliament, and the public, to expect Gupta to come forward with meaningful responses to key questions.

Besides the committee, several other organisations are investigating into GFG Alliance and Greensill Capital.

These include inquiries by the Treasury Select Committee the Public Accounts Committee and the Public Administration and Constitutional Affairs Committee.

The Serious Fraud Office’s investigation into GFG and its financing arrangements with Greensill.

The National Audit Office is also probing Greensill’s involvement in a government-backed pandemic loan scheme, which is also being looked at by the British Business Bank.

The accounting watchdog, the Financial Reporting Council (FRC), is also investigating the auditors of Greensill and Wyelands Bank.

More For You

A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)
A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)

Police investigate Boohoo executives’ corporate espionage claims

POLICE forces in London, Manchester, and Kent are investigating allegations of stalking and corporate espionage targeting Boohoo executives.

The claims emerged following an investigation by Control Risks, a security consultancy hired by the retailer, which uncovered a campaign of “extensive hostile surveillance” allegedly involving multiple operatives, The Times reported.

Keep ReadingShow less
Jaidev Janardana drives Zopa’s growth with £68m investment
Jaidev Janardana (Photo:Zopa.com)

Jaidev Janardana drives Zopa’s growth with £68m investment

ONLINE bank Zopa has received a £68 million funding boost, led by AP Moller Holding, the owners of shipping giant Maersk.

The new investment aims to support Zopa’s growth plans, including the launch of a current account and further advancements in artificial intelligence (AI), the Times reported.

Keep ReadingShow less
Pakistan International Airlines eyes UK flights as EU ban is lifted
PIA’s authorisation to operate in the EU was suspended in 2020 over safety compliance concerns

Pakistan International Airlines eyes UK flights as EU ban is lifted

PAKISTAN International Airlines (PIA) said last Sunday (1) it expects to resume European routes soon and is eyeing several UK destinations after the EU aviation regulator lifted its bar on the flag carrier.

The European Union Aviation Safety Agency (EASA) suspended PIA’s authorisation to operate in the EU in June 2020 over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.

Keep ReadingShow less
Lyttle, who led the company for five years, will remain until a successor is appointed. (Photo: Getty Images)
John Lyttle (Photo: Getty Images)

Former Boohoo boss cites stalking and espionage in resignation

POLICE are investigating allegations of stalking and corporate espionage involving executives at Boohoo Group, including former CEO John Lyttle, current CEO Dan Finley, and co-founder Mahmud Kamani.

The claims have shaken the fast-fashion giant, which also faces a contentious boardroom battle with major shareholder Frasers Group, the Times reported.

Keep ReadingShow less
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)

India’s central bank holds rates at 6.50 per cent despite slowing growth

INDIA'S central bank has decided to keep interest rates unchanged, prioritising inflation risks over concerns about a slowdown in the country's economic growth.

The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. This rate has been steady since February 2023.

Keep ReadingShow less