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Steel magnate Sanjeev Gupta concedes GFG too dependent on collapsed lender Greensill
Whyalla steelworks owner Sanjeev Gupta has said the collapse of major lender Greensill precipitated the “most difficult month” of his life, as the billionaire’s financial woes continued.
Key points:
- Greensill’s collapse has caused major uncertainty around GFG and the Whyalla steelworks
- In a podcast to employees, Mr Gupta conceded his company had been slow to diversify away from the lender
- However, he talked up the company’s prospects, saying he was intent on recovery
Greensill Capital was one of the major lender’s to Mr Gupta’s GFG Alliance, but has been placed in the hands of administrators Grant Thornton after global wealth manager Credit Suisse froze $US10 billion worth of investment funds that it relied on.
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