If Greensill hadn’t gone bust then these loans would already have been called in and Gupta would be bust.
Administrators for collapsed finance firm Greensill Capital have warned they could attempt to seize assets from steel magnate Sanjeev Gupta to recover $587m (£472m) in unpaid funds.
GFG Alliance, a collection of companies headed by Mr Gupta, has been targeted by the administrators having been one of Greensill’s most prolific borrowers before its collapse.
As a specialist lender that advanced cash to companies so they could pay suppliers early, Greensill was reportedly owed £3.7bn from GFG at the time of its failure in 2021.
This includes $587m owed to the UK arm of Greensill Capital, which is yet to be repaid despite long-running negotiations, according to an update published by administrators at Grant Thornton.
But the administrators, they’re not going to be time sensitive – to put it politely. So, Gupta gets to keep hte working capital for another couple of years. And, who knows, maybe something will turn up? #
Getting into this situation, well, but he’s playing the cards he’s got damn well.
Entertaining to see it rumoured that Greensill had a ‘close relationship’ with Gupta’s empire.
Will we see managers and accountants fleeing to the Bahamas, or is it Russia these days, weighed down with their ill-gotten gains??