Billionaire Sanjeev Gupta under fire in UK and Scotland with troubled business interests

Troubled billionaire Sanjeev Gupta may have flown out of Australia, but his financial investments overseas are also being investigated for fraud as workers face job uncertainty.

Troubled billionaire Sanjeev Gupta’s financial investment in his UK-based metal plants have been described as “paralysis” for the industry as he remains years behind disclosing accounts for dozens of his businesses.

The UK’s Serious Fraud Office (SFO) is continuing to investigate fraud, fraudulent trading and money laundering in relation to the Gupta Family Group Alliance including financing agreements with Greensill Capital UK Ltd.

This includes £7m ($A13.89 million) of outstanding loans to the Scottish government.

Scottish Liberal Democrat economy spokesperson Willie Rennie told The Advertiser Mr Gupta has “got a lot of fires going on in different parts of the world” despite having the financial backing of the Scottish government for nearly eight years.

Mr Rennie has called on the British and Scottish governments to take firm action and explain how they are going to deal with the fallout of Mr Gupta’s troubled business interests which includes unaudited accounts.

Sanjeev Gupta, the head of English steel and metals company Liberty House.

He said “we need to break the logjam” including at Scottish steelworks at Motherwell and Alvance British Aluminium in Lochaber which he said has not had their financial accounts disclosed leaving job uncertainty for many workers.

“The UK has got a green paper out on the future of the steel industry and I think they should be incorporating the Liberty Steel plants (owned by Gupta) to that,” Mr Rennie said.

“The workers are paralysed sitting at home, paralysed about their future and desperate for some clarity and certainty so they can plan an important part in the industry”.

There remains speculation that Mr Gupta could return to the UK to front the investigation by the SFO.

The investigation was first initiated in May 2021.

The Liberty Steel plant owned by Sanjeev Gupta in Newport, Wales, UK. Picture: Ella Pellegrini

The Advertiser reported this week that Mr Gupta has flown out of Adelaide after holding top secret talks amid the growing pressure on the tycoon’s figures including its flagship city plant.

SA Premier Peter Malinauskas confirmed that he had met with Mr Gupta as concern continued over his failure to pay creditors and deal with growing debts connected to the Whyalla steelworks which he owns.

SA Premier Peter Malinauskas stands on Hummock Hill Lookout in Whyalla, overlooking Whyalla Steelworks. Picture: Brett Hartwig

Mr Rennie said governments would be reluctant to invest in any of Mr Gupta’s businesses while his existing operations remain under investigation.

“My understanding is the British and Scottish governments are not going to put any money Gupta’s way into these plants as long as Gupta is in charge because trust has broken down with him,” he said.

“There is a serious fraud investigation into his finances.

“Your (Australian) government will probably risk its reputation by investing into these plants as long as he owns them with this investigation hanging over his head”.

A spokeswoman for Mr Gupta said he denies any wrongdoing.

Originally published as Billionaire Sanjeev Gupta under fire in UK and Scotland with troubled business interests