Bank acts to recoup funds through courts against metals trading firm as Gupta tries for “standstill” deal with Greensill administrators
Credit Suisse has begun court action to push a $4bn trading business belonging to the metals magnate Sanjeev Gupta into insolvency, as it tries to recoup losses.
Gupta is the founder of Liberty Steel and its holding company, GFG Alliance. The latter has vowed to fight the legal petition, which presents a fresh threat to Gupta’s metals empire and the 5,000 people it employs across the UK.
