General
Application to break up Sanjeev Gupta’s Australian coal and steel businesses lodged in NSW court
British billionaire Sanjeev Gupta’s Australian corporate empire could be broken up after a major bank launched legal action.
Key points:
- A claim has been filed to wind up Sanjeev Gupta’s Australian operations
- It comes after the collapse of major lender Greensill
- Last month, Mr Gupta conceded GFG had been too dependent on Greensill
An application was lodged in the NSW Supreme Court on Tuesday to wind up the operations of two companies, including OneSteel Manufacturing which runs the Whyalla steelworks in South Australia.
The application has been made by Citibank.
There are two defendants in Citibank’s action — the first is OneSteel Manufacturing Pty Ltd (trading as Liberty Primary Steel), and the second is Tahmoor Coal Pty Ltd.
The move…
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