"Romania's prosecutor's office said in a statement last week that they raided seven homes and the registered office of an unnamed company. The office published a video blurred to make identification more difficult which appeared to show officers in helmets and body armour entering a property at night. Liberty Steel and its parent organisation, the Gupta Family Group (GFG) Alliance, said the company will vigorously defend itself against the unfounded allegations directed at the company."
"Gupta, who is Indian-born and UK-educated, was once known as the saviour of steel for his plans to turn around struggling metalworks. However, his empire, previously stretching through the UK, eastern Europe and Australia, has unravelled in the years since the collapse of lender Greensill Capital in 2021. The UK's Serious Fraud Office has been investigating GFG and Greensill since 2021. GFG and Gupta have strenuously denied any wrongdoing, while administrators of Greensill Capital have previously declined to comment."
Romanian prosecutors raided seven homes and the registered office of an unnamed company, releasing a blurred video that appeared to show officers in helmets and body armour entering a property at night. Liberty Steel and the Gupta Family Group (GFG) Alliance deny wrongdoing and say they will vigorously defend against the allegations. Sanjeev Gupta’s industrial empire has contracted since the 2021 collapse of Greensill Capital, with the loss of Whyalla and South Yorkshire steelworks. The UK's Serious Fraud Office has investigated GFG and Greensill since 2021. Romanian searches took place in Galati, near the Ukrainian border, and in and near Bucharest. Prosecutors allege managers embezzled the company through affiliated entities and purchase contracts.
Read at www.theguardian.com
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