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Britain denies loan guarantees for metallurgical holding GFG Alliance

Europe / Business and Finance

British investment fund Greensill has lost its government guarantee on loans to steel tycoon Sanjeev Gupta.

Britain denies loan guarantees for metallurgical holding GFG Alliance

A British state-owned commercial bank has stripped financial company Greensill Capital of a government guarantee on loans to companies of metallurgical tycoon Sanjeev Gupta after it decided that he had violated the terms of the state business support programs during the pandemic (CLBILS). This is stated in message Sky News.

Sky News sources said that accounting firm EY and law firm Hogan Lovells were hired by the government to investigate Greensill's violations of CLBILS rules.

The post said the auditors concluded that conditions had been violated in areas such as the adequacy of the security assumed by Greensill in relation to the assets held by the GFG Alliance, a network of companies led by Mr. Gupta. </p >

If enforced, the cancellation of the government guarantee could leave Greensill alone with overdue debts if GFG ultimately defaults on its loan repayment obligations, warn in Sky News.

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