Australia probe into Gupta deepens - report
By Frank Prenesti
Date: Thursday 28 Aug 2025
(Sharecast News) - Troubled metals tycoon Sanjeev Gupta is reportedly facing a wider probe by Australian regulators into his operations in the country.
Officials from the Australian Securities & Investment Commission (ASIC) last week served Gupta's Liberty Steel group with a new demand for information about its activities, Sky News reported citing unnamed sources.
Gupta, whose main British business was forced into compulsory liquidation last week, also had a mobile phone seized, the report stated.
ASIC's deepening investigation comes a month after it said that three of GFG Alliance's companies had been ordered by the Supreme Court of New South Wales to lodge outstanding annual reports with it.
Gupta's companies remain under investigation by the Serious Fraud Office in the UK. Last week, the Official Receiver took control of Speciality Steels UK (SSUK) following a winding-up petition from creditors led by Greensill Capital, the collapsed finance firm.
The businessman remains intent on buying SSUK back, and has assembled financing from BlackRock, the world's largest asset manager, Sky also reported last week.
SSUK employs nearly 1,500 people at steel plants in South Yorkshire, and makes highly engineered steel products for use in sectors such as aerospace, automotive and oil and gas.
Reporting by Frank Prenesti for Sharecast.com
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