Business
Sanjeev Gupta bails out of ailing Wyelands Bank – The Australian Financial Review
The embattled metals magnate’s in-house financial institution has fallen victim to his need to pare back his empire after Greensill Capital’s collapse.
Mr Guptas GFG Alliance, which includes steel, aluminium, energy and property businesses, has been under financial pressure since its key funder, supply-chain finance firm Greensill Capital, collapsed in early March.
GFG may have had as much as $6 billion in total exposures to Greensill, and has stopped making payments to the insolvent firm while it negotiates with the administrators, Grant Thornton.
Mr Gupta recently appointed a four-man strategy team to review the Liberty Steel portfolio in particular,…
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