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White Oak: Why is the “white knight” so closely associated with Gupta’s metal band? When the Office of Serious Fraud confirmed on Friday that Sanjeev was investigating Gupta’s GFG Alliance, it appeared that the potential rescuer of the metal group had left. White Oak Global Advisors, which agreed to two emergency financial agreements with Gupta’s Australian and British steelmakers, said on Friday that “there is no way to continue discussions with any company investigated by the Office of Serious Fraud for money laundering.” . Hours later, it was seemingly contradictory about GFG’s Australian business: “White Oak continues to make efforts to refinance Liberty Primary Metals Australia’s debt with due diligence and acceptable governance.” ....
GFG Alliance confident ahead of Credit Suisse court hearing Save Share Sanjeev Guptaâs GFG Alliance remains confident it can secure financing to keep its Australian steelmaking operations open as it prepares for its first hearing in a legal skirmish with Credit Suisse. Mr Guptaâs legal counsel will appear in the NSW Supreme Court on Thursday for a directions hearing after Credit Suisse, via Citibank, filed an application for âwinding up in insolvencyâ against GFGâs OneSteel Manufacturing, which operates the Whyalla Steelworks, and GFGâs Tahmoor Coal. Citibank acts as trustee for some US$1.6 billion ($2.1 billion) of GFG-related invoices that were packaged into bonds by the collapsed firm Greensill Capital and held in four supply-chain funds managed by Credit Suisse, which is trying to recover billions of dollars for more than 1000 investors who sank money into them. ....