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City

Gupta-linked bank Wyelands escapes £8.5m fine for series of failures

The Bank of England has said it would have fined Sanjeev Gupta-connected bank Wyelands more than £8.5 million for a plethora of failures at the winding-down lender. Wyelands was far too exposed to just one client in the form of Mr Gupta’s group of ...

04 Apr 2023 at 14:12

Scotland

Government in no financial danger over smelter deal, MSPs told

The Scottish Government is in a “robust position” despite facing a potential financial exposure of £161 million due to its involvement in the Lochaber aluminium smelter, MSPs have been told. Government officials said there was extensive security ...

24 Feb 2022 at 13:25

City

Investigation launched into Gupta accountants

An investigation has been launched into the accountancy firm responsible for signing off the accounts for a range of steel tycoon Sanjeev Gupta’s business empire. The Financial Reporting Council (FRC), which regulates the accounting industry, ...

04 May 2022 at 09:25

Scotland

Business group laughing all the way to bank over smelter deal, Lib Dems claim

An international group of businesses has seen the value of a Scottish smelter they purchased increase by more than £100 million, while making very little investment, Scottish Liberal Democrats have claimed. The party’s economy spokesman, ...

09 Jan 2022 at 00:55

Collapsed Aartee Bright Bar to merge with Liberty Steel after rescue deal

Collapsed steel firm Aartee Bright Bar is set to be merged with Liberty Steel Group after steel tycoon Sanjeev Gupta stepped in to take over the business. GFG Alliance, owned by Mr Gupta and his family, has bought Aartee’s parent ...

17 Feb 2023 at 16:12

City

Former boss of Gupta-linked Wyelands Bank fined £120,000

The former boss of a bank linked to steel magnate Sanjeev Gupta has been fined close to £120,000 for not managing the troubled bank’s exposure properly. The Bank of England said that former Wyelands Bank chief executive Iain ...

11 Jan 2024 at 11:10

Scotland

Willie Rennie: Scottish Government was ‘reckless’ over smelting plant deal

The Scottish Liberal Democrats have accused the Scottish Government of being “reckless” after it emerged ministers received warnings from a senior official over the 2016 acquisition of a Highlands smelting plant by a metal ...

21 Sept 2022 at 22:15

Scotland

Scottish ministers asked to explain £330m taxpayer-backed deal with metal tycoon

Scottish ministers are facing transparency calls after it was revealed a metal tycoon under investigation for fraud paid just £5 towards the acquisition of a Highlands smelting plant – with taxpayers financing the rest of ...

24 Jul 2022 at 18:05

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