Richard Fuller, Member of the Business Select Committee and MP for North East Bedfordshire, has welcomed the news that the Serious Fraud Office is investigating the suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.
Richard said:
I welcome the announcement by the Serious Fraud Office that it is investigating the financing and conduct of the companies in the Gupta Family Group Alliance. In my view it is proper that the scope of the SFO investigation is broad: going beyond the specific issues relating to Greensill Capital and looking at conduct as well as financing.
The UK government was right not to jump in with taxpayersโ money for Liberty Steel as some had asked but rather to ensure that the custodianship of that business is firstly secure before consideration of any possible investment of public money.
Richard raised concerns regarding the GFG Alliance in Parliament on 25th March stating: "An acquisition strategy based on supply chain financing arrangements, plus a future receivables derivative scheme, plus an additional monthโs cash-flow, and a liberal mix of state guarantees has the characteristics of a potential Ponzi scheme. Has my right hon. Friend been able to ascertain the facts here, or is this an issue for investigation by the Serious Fraud Office?"
