•   
  •   

Australia GFG Alliance fraud investigation raises further questions over Whyalla steelworks' future

12:55  15 may  2021
12:55  15 may  2021 Source:   msn.com

What’s behind Arizona’s bizarre, haphazard, and highly partisan “audit” of the 2020 election

  What’s behind Arizona’s bizarre, haphazard, and highly partisan “audit” of the 2020 election No one can figure out why Republicans are shining UV lights on ballots, among other things.So it probably shouldn’t be a surprise that, months after Joe Biden won the 2020 election and was sworn in as president, Trump loyalists in Arizona are engaged in the same kind of absurdist anti-democracy that drove the final weeks of Trump’s term in office by auditing all ballots cast in the state’s largest county.

SFO launches investigation into Gupta Family Group Alliance . The UK’s Serious Fraud Office has announced it is investigating Sanjeev Gupta’s GFG Alliance and its financing arrangements with Greensill Capital. GFG Alliance owns Liberty Steel , which employs 3,000 steel workers in the UK. Fresh questions have been raised over Amazon’s tax planning after its latest corporate filings in Luxembourg revealed that the company collected record sales income of €44bn (£38bn) in Europe last year but did not have to pay any corporation tax to the Grand Duchy.

The Whyalla steelworks , along with a coalmine in New South Wales, had been under threat because of the global collapse of Greensill Capital, founded by Australian businessman Lex Greensill. A day before creditors were due to start a legal bid to wind up the two operations, Mr Gupta's company GFG Alliance announced it had reached an agreement to refinance its debts to Greensill Capital. "The new financing is sufficient to pay out its Greensill debt in full and to provide ongoing working capital for the LPMA group, which includes the integrated mining and primary steel business at Whyalla and its

a man wearing a hat: Sanjeev Gupta (right) bought the Whyalla steelworks in 2017 for an estimated $700 million. (Supplied: GFG Alliance) © Provided by ABC Business Sanjeev Gupta (right) bought the Whyalla steelworks in 2017 for an estimated $700 million. (Supplied: GFG Alliance)

A United Kingdom fraud agency probe into the owner of Whyalla steelworks has once again thrown the future of the regional South Australian operation into question.

The UK's Serious Fraud Office (SFO) yesterday announced it was investigating the steelworks' owner Sanjeev Gupta's company, Gupta Family Group (GFG) Alliance.

The SFO said it will look into suspected fraudulent trading and money laundering, including financial arrangements with GFG's major lender Greensill Capital, which collapsed last month.

Sanjeev Gupta's GFG Alliance looks to sell-off solar farm and battery project

  Sanjeev Gupta's GFG Alliance looks to sell-off solar farm and battery project GFG Alliance reveals plans to sell-off two of its renewable projects in South Australia, a day after the company announced a refinancing deal for some of its Australian operations, including the Whyalla Steelworks.The news comes a day after the company announced it had found a financial lifeline to continue operating the Whyalla steelworks and a coal mine in New South Wales, which together employ almost 2,000 people.

The UK’s Serious Fraud Office (SFO) has announced it is investigating SA Whyalla Steelworks owner Sanjeev Gupta’s company, Gupta Family Group ( GFG ) Alliance . Key points: The GFG Alliance is being investigated over suspected fraud and money laundering. Greensill Capital, owned by Australian businessman Lex Greensill, was a major lender to Mr Gupta’s business and collapsed last month. Former British PM David Cameron has been investigated over his lobbying for Greensill.

Words over weapons. In the past, so-called "diplomatic relations" between monarchs, tribal leaders, Popes, subjects and more, were conducted by trusted messengers delivering vital letters – a popular mode – in order to smooth high emotions and tricky negotiations. The people involved in carrying these missives were seen as reliable interlocutors. GFG Alliance fraud investigation raises further questions over Whyalla steelworks ' future . Posted 9mminutes agoSatSaturday 15 MayMay 2021 at 11:31am.

A GFG Alliance spokesperson said the company would "cooperate fully with the investigation".

The investigation comes at the same time as GFG tries to refinance for the Whyalla steelworks and Tahmoor coal mine in New South Wales, following Greensill's collapse.

Local MP Eddie Hughes said the latest development "just adds to the uncertainty in Whyalla" and the 2,000 workers at the steelworks.

"It's the only integrated steelworks in the nation that produces structural steel and rail, so it is an integral part of our sovereign manufacturing capacity," Mr Hughes said.

Investigation 'disappointing' for workers

Australian Workers' Union SA branch secretary Peter Lamps the union was "quite disappointed in the news overnight emanating from the United Kingdom".

The Supreme Court made the GOP’s new voting restrictions possible

  The Supreme Court made the GOP’s new voting restrictions possible Voting rights mean little if the Court refuses to enforce them.Many provisions of this new Florida law mirror similar provisions in a Georgia voter suppression bill that became law last March. The Georgia law also takes aim at absentee voting, among other things, but its most troubling provision allows the state’s Republican-controlled legislature to effectively take over county election boards — boards that have the power to disqualify voters and to close polling places.

Sanjeev Gupta took over the steelworks in 2017. (ABC News: Nick Harmsen. ) But Whyalla Chamber of Commerce acting president Malcolm McLeod said the company had made no secret of the fact that until the transformation was complete, the works were running at a loss. " GFG have provided excellent detail in the last couple of weeks, I think we had four presentations which went for four to six hours each." In a statement, GFG said it was looking at "efficiency options" as part of a "broader plan to transform the business and ensure a sustainable future ".

Whyalla steel works (Source: Wikipedia). It is claimed that Gupta’s company owes around billion to Greensill. This week, following similar action in UK courts, Citibank, acting on behalf of Credit Suisse filed an insolvency application against GFG ’s OneSteel Manufacturing, which operates the Whyalla Earlier this month the Financial Times (FT) reported that the Greensill administrator in Britain had been unable to verify invoices supposedly underpinning loans to Gupta. It said the “disputed invoices raise questions over other transactions underpinning billions of pounds of loans from Greensill to Gupta.”

"We've continuously said throughout this whole process that resolution of it would take a number of weeks, if not months, rather than a number of days," Mr Lamps said.

"Whilst disappointing … our members have known for some time that this is a long process, and they continue, as they've done throughout this whole process, to make steel."

He said "as the days and weeks go on" the union remained confident the financing would be sorted out and Whyalla would receive more clarity.

"Whilst disappointing, [the investigation is] probably not surprising to some, given the complexity and given the number of entities caught up in the Greensill matter that regulatory authorities would have a view of investigating."

Meanwhile, South Australia's Attorney-General Vickie Chapman said although it was "business as usual" in Whyalla, Mr Gupta's "significant" investment in the state meant "these are matters which we always keep an eye on".

Mike Lindell Falsely Claims Trump Got 80 Million Votes, Was on Course to Win All Swing States

  Mike Lindell Falsely Claims Trump Got 80 Million Votes, Was on Course to Win All Swing States Mike Lindell made his claims at South Dakota's Corn Palace during a launch rally for his "free speech" social media site, Frank Speech.Lindell made his claims on Monday evening at an in-person, indoor rally in the Corn Palace, an arena in Mitchell, South Dakota. During the event, Lindell claimed that on Election Night, people rigged voting machines against Trump. However, the riggers underestimated the number of votes Trump would win, Lindell claimed.

UK-based GFG Alliance plans to replace the 1.2mn t/yr blast furnace at its Whyalla steelworks in South Australia (SA) with a larger capacity direct-reduced iron (DRI) plant and electric-arc furnace (EAF). The change is part of a major upgrade of the plant that is scheduled to be completed in 2024. It is reviewing the ageing blast furnace to try to reduce costs and improve its competitiveness over the final few years of production before it is decommissioned. GFG acquired the Whyalla steel plant as part of its takeover of Australian steel producer Arrium in 2017. The purchase also included the 10mn t/yr

GFG Alliance , owned by British billionaire Sanjeev Gupta Whyalla 's steelworks are undergoing a massive and costly transformation. Sanjeev Gupta took over the steelworks in 2017. A briefing to the SA Department of Mining and Energy said "without prior notification" a GFG workshop outlined "its proposed options for future investment and intended request for support from the Government".

"People who operate international companies, and have networks and investments around the world, are subject to the integrity bodies of all of those countries in which they operate," Ms Chapman said.

She said it was a matter for British authorities to investigate and that there was no similar investigation underway in Australia.

"There's no indication that there's any integrity body in Australia investigating any conduct that we're aware of in Australia at all," she said.

She said in the time Mr Gupta had owned the steelworks, it had been restructured and had "significant improvement in its profitability".

Council 'continues to receive assurances', mayor says

In a statement, City of Whyalla mayor Clare McLaughlin said the council was not in a position to comment on any investigations on "the other side of the world".

However, she said the council continues to receive assurances from GFG Alliance that it is making progress in refinancing its operations – including in Whyalla – which has been backed up by potential Australian refinancing partner, White Oak Global Advisors.

Pet and shopping scams surge during pandemic

  Pet and shopping scams surge during pandemic The BBC highlights ways to avoid fraud following a 44% rise in online shopping fraud during Covid.Fraudsters posted bogus adverts for pets, cars and caravans to dupe people into handing over money.

"Council also continues to be extremely encouraged by the Whyalla operations' profitability; record rates of production; and strong demand for their product," Ms McLaughlin said.

White Oak yesterday said it would not go ahead with the refinancing while the investigation was ongoing, but today said it continues its efforts to refinance Liberty Primary Metals debt, subject to financial due diligence and acceptable governance.

"Our consideration continues to be providing capital to good companies in critical industries while preserving jobs," the spokesperson said.

In response to the ABC's request for comment, a GFG spokesperson today said the company "continues to work with White Oak towards refinancing of Liberty Primary Metals Australia".


Video: Opposition concerned about lack of coronavirus support (ABC NEWS)

The Country Is on the Cusp of a New Era .
America is inching closer to a possibility it has never seen before: the indictment and trial of a former president.The ongoing investigation is sweeping. James began it as a civil investigation following the 2019 congressional testimony of Trump’s former attorney, Michael Cohen, that the Trump Organization had lied about the value of its assets in order to secure loans and insurance and to reduce its tax liability. Her focus includes the Trump Organization’s valuation of Seven Springs, a 213-acre estate in Westchester County, which it used to claim a $21.1 million tax deduction for a conservation easement on the property in 2015.

usr: 8
This is interesting!