Tata Steel drags Liberty Steel to UK court over payment default
April 22, 2021
Liberty Steel had acquired Tata’s UK plant for £100 m in 2017
Tata Steel UK has dragged the troubled Liberty Steel to the commercial court in the UK for failing to make the full payment for acquisition of its speciality steel product plant in 2017.
Indian-born British steel tycoon Sanjeev Gupta-led GFG Alliance through Liberty Steel had acquired then struggling plant for about £100 million with a staggered payment option.
It is reliably learnt that Liberty Steel has now missed payment to close the deal. Following this, Tata Steel has approached the UK Court to file proceedings against GFG Alliance group companies Liberty Speciality Steels, Liberty House Group PTE and Liberty Speciality Steel UK, said sources.
Police charge five Ontarians who live at different addresses for riding in a car together
Stay in the loop Sign up for our free email newsletter. Unsubscribe anytime or contact us for details.
Five Ontario residents from the Brantford area who live in different households have been charged for not complying with the stay-at-home order after getting caught riding in a car together.
Timmins police said in a statement this week that they were conducting RIDE spot checks on Highway 101 near the intersection of Highway 655 during the late evening hours of Saturday, April 17 when they stopped a passenger vehicle with five unrelated adult occupants.
National
April 21, 2021
KARACHI: Concluding preliminary investigation into a multi-billion sugar scam in Sindh, the Federal Investigation Agency on Tuesday charge-sheeted two suspects for fraud and money laundering.
The suspects were arrested by the FIA’s commercial banking circle earlier this month during a countrywide crackdown against the sugar mill owners and dealers allegedly involved in the artificial increase in the commodity’s price.
The charge sheet, submitted in the court of Judicial Magistrate Dur-e-Shahwar, said that the investigators discovered 16 WhatsApp groups in which the sugar mill owners, brokers and dealers colluded as a mafia to manipulate the market and dishonesty, minting Rs110 billion. It said that the suspects hoarded the sugar and spread lies about its impending shortage, hence raising its price. It said that suspects played Satta (price-fixation scheme) on the commodity.