Ministers’ claim his leadership threatened future viability of crisis-stricken metals company
The metals tycoon Sanjeev Gupta should be investigated for potential breaches of his duties as a company director, according to a scathing report by MPs that said his leadership threatened the future viability of Liberty Steel.
Liberty Steel has lurched through eight months of crisis after the March collapse of its key financial backer, Greensill Capital, triggered an ongoing attempt to find new lenders.
Gupta may have breached his duties as a company director;
Liberty Steel’s auditors should be referred for investigation;
Frequent changes of auditors and accounting deadlines represented “red flags”;
Liberty Steel employees were sometimes unable to perform their roles and duties.
