The Greensel case is rife – and not just in Great Britain. Now Agent GFG is targeting British investigators.
The basics are in brief
- After the collapse of the financial services firm Greensill Capital, British investigators began proceedings against the group of companies owned by industrial entrepreneur Sanjeev Gupta.
The Serious Fraud Office (SFO) announced Friday that companies in the Gupta Family Group Alliance (GFG) are suspected of fraud, fraudulent trade and money laundering. Agreements with insolvent Greensill Capital are now under consideration. A spokesman for the GFG Group said the investigation would have full support.
The Greensel case is spreading in the UK. On Thursday, former Prime Minister David Cameron was forced to testify before a parliamentary committee about his lobbying activities for the company, which had based its business model on short-term commercial loans to industrial firms.
Cameron has experimented with dozens of emails and text messages to convince government officials to use state money to keep Greensel afloat. The relationship with company founder Lex Grinsel that he developed during his tenure as Prime Minister from 2010 to 2016.
GFG itself ran into trouble due to Greensel’s bankruptcy. The Global Group operates several steel plants in Great Britain. According to its own information, GFG employs more than 35,000 people.
In Germany, the Grensel Bank in Bremen was affected by the bankruptcy of the Grinsel Group. The Baffin FCA closed the institute in March due to irregularities related to its business with the GFG. Many German municipalities are now worried about the millions they have invested in Grinsel.
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