Mps will investigate whether the Government scrutinised Liberty Steel’s finances closely enough
MPs have launched an inquiry into the crisis at metals magnate Sanjeev Gupta’s steel firm Liberty.
The Commons business committee will investigate whether the Government scrutinised Liberty Steel’s finances closely enough before lending it money under taxpayer-backed schemes.
Liberty has been on the brink since early March when Greensill Capital, which counted David Cameron as an adviser, went bust.
Greensill was the largest lender to Gupta’s GFG Alliance, which employs 5,000 people in the UK. The committee probe starts in May.
It has not said if Gupta will be grilled. Chairman Darren Jones said: ‘This episode has raised a catalogue of concerns relating to corporate governance, audit and supply chain finance.’
The firm says one loan, of £45.6million, was granted. It said: ‘Liberty Steel will fully support the inquiry and looks forward to contributing to the committee’s work.’
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