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Gupta worries were mounting before Greensill fell


Gupta worries were mounting before Greensill fell
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British billionaire Sanjeev Gupta and another of his top-ranking executives flagged uncertainties about the financial position of one of his two main Australian companies in November last year because it needed an extra funding injection.
Mr Gupta and his GFG Alliance in the past few days have been scrambling to put in place replacement funding after the high-speed collapse of Greensill Capital.
The Whyalla Steelworks and the Tahmoor coal operations in NSW sit inside the Liberty Primary Metals Australia entity. 
KPMG, the auditors of Mr Gupta’s two main Australian companies, on Thursday bypassed questions about whether it had been comfortable with GFG Alliance’s close links with Greensill Capital and its reliance on Greensill for a large amount of the global group’s funding. Court documents suggested it was as high as $6.5 billion. ....

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Bundaberg billionaire's empire moves closer to crashing


Bundaberg billionaire’s empire moves closer to crashing
One of the key clients of Greensill Capital has told top Australian executives to put safeguards in place, as its main banker is likely to file for insolvency.
Business
by Perry Williams, Nick Evans
5th Mar 2021 4:28 PM
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Sanjeev Gupta has told his top Australian executives its main banker Greensill Capital will likely file for insolvency, triggering GFG Alliance to make repayments on Greensill loans to an administrator rather than direct to its financier.
The embattled industrialist, owner of South Australia s Whyalla steelworks, said he is preparing for the insolvency action to change the relationship between the high flying duo, with GFG seeking to protect its position by making payments in an administrator-type relationship. ....

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