Never bet against Sanjeev Gupta’s lack of shame. As the people of Whyalla and KordaMentha’s Mark Mentha tally the debts of the town’s steelworks, the failed steel tycoon told his employees that his GFG Alliance is owed at least $500 million.

That would make him, comfortably, the largest creditor in the administration being underwritten by the taxpayer. The black hole is also getting larger, now at some $1 billion.