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UK Parliament Business Committee Opens Investigation Against Liberty Steel

Europe

The Parliamentary Business Committee has launched an official investigation into Liberty Steel following the collapse of its largest lender, Greensill Capital.

UK Parliament Business Committee Opens Investigation Against Liberty Steel

The UK Parliament's Business, Energy and Industry Strategy Committee (BEIS) will review the impact of the lender's collapse on Liberty Steel, its customers and approximately 3,000 UK employees who could be in danger of being fired if the company does not find alternative funding. About this reported by The Guardian.

The committee is reportedly planning to summon billionaire GFG Alliance owner Sanjeev Gupta, who is currently based in Dubai, and Greensill Capital founder Lex Greensill to testify.

“The collapse of Greensill Capital and subsequent funding problems affecting the GFG Alliance have jeopardized thousands of jobs at Liberty Steel,” said committee chairman Darren Jones.

The main task of the committee will be to examine the issue of providing financial support to the Gupta smelters and to develop adequate checks and balances in exchange for government support.

A spokesperson for Liberty Steel commented, “Liberty Steel will fully support the committee's investigation and look forward to contributing to the committee's work to ensure a sustainable future for the UK steel industry and skilled jobs, local communities and critical supply chains that depend on it.” /p>

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