Liberty Steel’s chief financial officer was unable to answer questions from MPs about the company’s balance sheet
A finance boss at Sanjeev Gupta’s struggling steel empire said he did not fully understand its complicated balance sheet.
Anton Krull, chief financial officer of Liberty Steel UK, was unable to answer questions from MPs about the matter during a business committee hearing.
When asked for details on the viability of certain operations, he said his remit did not ‘extend to the balance sheet in terms of the capital structure’.
The fiasco underlined the complicated structure of Gupta’s GFG, which is teetering on the brink after its main lender collapsed.
Greensill Capital crumpled this year with an estimated £3.6billion of exposure to GFG.
Gupta is racing to secure fresh financing, a move complicated by a Serious Fraud Office probe into the firm over suspected fraudulent trading and money laundering.
Richard Fuller, a Tory MP on the committee, said: ‘It is totally unacceptable when so many issues around the viability of the business relate to financial matters at GFG that they sent people who were patently incapable, for good reasons, of answering even the most basic questions.’
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