The British industrialist Sanjeev Gupta has made a deal to avoid the collapse of Liberty Aluminium Technologies, the key supplier to Jaguar Land Rover, the car manufacturer.
As per our latest information, Gupta's GFG Alliance has repaid around £10 million in loans from Close Brothers to Liberty Aluminium Technologies (LAT), one of its UK subsidiaries.
The loan repayment has taken place in the last few days; however, it remains gloomy to know how the repayment amount was secured.
The loan repayment will support the short-term future of Liberty Aluminium Technologies and prevent the chances of the company’s collapse.
The repayment news was revealed, following Sanjeev Gupta’s announcement that he would not appear before MPs, which was planned next week as part of their inquiry into the financing of Liberty Steel.
Sanjeev Gupta mentioned: “A Serious Fraud Office probe into his business empire as the reason for his decision not to give oral evidence to the business select committee on 6 July.”
"I hold the UK parliament and its committees in the highest regard," Gupta said.
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