Sanjeev Gupta: Steel tycoon faces criminal charges over missing accounts for 76 firms
Steel tycoon Sanjeev Gupta faces multiple criminal charges over allegedly failing to file accounts in the UK for 76 companies.
The UK’s corporate registry, Companies House, is leading the enforcement action against Gupta (53), for failing to deliver copies of accounts, according to the Financial Times.
The large list of companies is reported to include his trading firm, Liberty Commodities, which he founded in the 1990s, along with several businesses comprising his Liberty Steel group of metals plants.
The Financial Times reported that Gupta pleaded not guilty to the charges at Cardiff Magistrates’ Court back in March.
Additionally, four other directors, Iain Hunter, Deepak Sogani, Jeffrey Kabel and Jeffrey Stein, are also being prosecuted by Companies House in relation to the alleged failure to file accounts. All four have also pleaded not guilty to the charges against them.
A Companies House spokesperson told CityAM: “We can confirm we are taking enforcement action however we are unable to comment further at this time.”
As a government body which regulates UK company registrations, Companies House has the power to prosecutes company directors accused of failing to fulfil their statutory obligations under the Companies Act 2006.
Back in 2021, the Serious Fraud Office (SFO) launched an investigation into the Gupta Family Group Alliance, over suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business.
A year later, the anti-fraud office stepped up its investigation by issuing notices under Section 2 of the Criminal Justice Act 1987 at addresses linked with Gupta’s GFG Alliance.
GFG Alliance was Greensill’s biggest client and it was reported at the time of the collapse that it had an exposure totalling $5bn.
Back in April, it was revealed by the administrators for Greensill Capital, that the business is still owed around $587.2m (£472m) from Sanjeev Gupta’s GFG Alliance.