French prosecutors broaden investigation on GFG Alliance for an €18 million state-backed loan
On 8th November 2021, the Paris prosecutor's office stated that the French prosecutors are investigating distressed metal magnate Sanjeev Gupta's GFG Alliance, broadening an in-process investigation for a state-backed loan of €18 million to one of its facilities in France.
The comprehensive French investigation approaches on top of a probe by Britain's Serious Fraud Office into GFG Alliance as it endeavours to refinance its aluminium and steel businesses following the collapse of primary financial lending firm Greensill Capital.
The Paris Prosecutors said that they unfastened an investigation in July 2021 toward allegations of misapplying of company assets and money laundering by Gupta’s GFG, after a decision by prosecutors in Poitiers to pass on their preliminary inquiry into the loan.
However, GFG said: "We not aware of any such investigation and refutes any suggestion of wrongdoing in its French operations.”
The investigation instigated in the western city of Poitiers engulfed a state-backed loan from Greensill for a GFG-owned aluminium facility that manufactures automotive parts. It was induced by employee affirmation that the funds evaporated after shortly being put in the bank of the facility.
ASI certifies aluminium packaging company Aluflexpack against Performance Standard & Chain of Custody Standard Certifications
Next articleHindalco Industries Limited sharply cuts its aluminium billets price by more than INR15000/t on November 9
Grow with
AL Circle
