Metals magnate Sanjeev Gupta restructured his business empire last year in an attempt to maximise the amount of UK taxpayer-backed loans he could draw on through the governments coronavirus lending scheme.
Companies affiliated with Gupta applied for hundreds of millions of pounds of loans via Greensill Capital, which tapped the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The government set up the programme at the height of the pandemic to help companies weather the crisis.
The collapse last month of Greensill, Guptas main lender, has left his GFG Alliance, which employs 35,000 people at metalworks stretching from Wales to Australia, battling for survival.
While Greensill was only authorised to provide 50m to a single …
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