UK regulators opened four investigations in relation to the statutory audits by London-based King & King of companies in Sanjeev Gupta’s GFG Alliance.
The Financial Reporting Council said Wednesday that the probes will focus on the consolidated financial statements of Liberty Speciality Steels Ltd., Alvance British Aluminium Ltd., Liberty Steel Newport Ltd. and Liberty Performance Steels Ltd.
The announcement comes as GFG offices were targeted last week by UK fraud prosecutors investigating allegations of money laundering, in an escalation of a sprawling, cross-border probe. In France, criminal investigators also raided GFG’s Paris offices and inspected the premises of an aluminum smelter in Dunkirk formerly owned by Gupta.
Representatives at King & King didn’t immediately respond to a request for comment.
The FRC said in its statement that the decisions to open the audit probes were made on Feb. 22.
More stories like this are available on bloomberg.com
Audits of Gupta firms probed by UK financial watchdog
Image: Bloomberg
UK regulators opened four investigations in relation to the statutory audits by London-based King & King of companies in Sanjeev Gupta’s GFG Alliance.
The Financial Reporting Council said Wednesday that the probes will focus on the consolidated financial statements of Liberty Speciality Steels Ltd., Alvance British Aluminium Ltd., Liberty Steel Newport Ltd. and Liberty Performance Steels Ltd.
The announcement comes as GFG offices were targeted last week by UK fraud prosecutors investigating allegations of money laundering, in an escalation of a sprawling, cross-border probe. In France, criminal investigators also raided GFG’s Paris offices and inspected the premises of an aluminum smelter in Dunkirk formerly owned by Gupta.
Representatives at King & King didn’t immediately respond to a request for comment.
The FRC said in its statement that the decisions to open the audit probes were made on Feb. 22.
More stories like this are available on bloomberg.com
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