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French prosecutors launch probe into Sanjeev Gupta’s steel empire

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French prosecutors have launched an investigation into Sanjeev Gupta’s business dealings as trouble grows for the steel tycoon.

Liberty Steel, one of Mr Gupta’s companies, has faced intense scrutiny since its key lender, Greensill Capital, collapsed.

The Serious Fraud Office has already launched an investigation into suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of Mr Gupta’s GFG Alliance business empire, including its financing arrangements with Greensill.

The firm was also recently criticised by MPs, who said that Mr Gupta’s “high risk financial funding practices” were undermining the long-term viability of the steel industry in the UK.

The report by the Commons business, energy and industrial strategy select committee also called into question the “unusual and… unacceptable” way in which he structured his business empire.

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