Metals firm denies allegations as more problems emerge for founder Sanjeev Gupta after loss of key UK operation
Sanjeev Gupta’s Liberty Steel is under investigation in Romania for embezzlement and tax evasion, adding to the metals tycoon’s difficulties after the loss of his key British operation.
Romania’s prosecutor’s office said in a statement last week that they raided seven homes and the registered office of an unnamed company. The office published a video – blurred to make identification more difficult – which appeared to show officers in helmets and body armour entering a property at night.
Liberty Steel and its parent organisation, the Gupta Family Group (GFG) Alliance, said the company would “vigorously defend itself against the unfounded allegations directed at the company”.
Gupta, who is Indian-born and UK-educated, was once known as the “saviour of steel” for his plans to turn around struggling metalworks. However, his empire, previously stretching through the UK, eastern Europe and Australia, has unravelled in the years since the collapse of the lender Greensill Capital in 2021.
