16
Not Addressed
GFG Alliance’s reported engagement in circular trading, or REPO structures, exacerbated a concentration risk to...
Conclusion
GFG Alliance’s reported engagement in circular trading, or REPO structures, exacerbated a concentration risk to Greensill Capital by raising large amounts of working capital against invoices created to raise finance instead of selling steel to genuine customers. (Paragraph 86) 64 Liberty Steel and the Future of the UK Steel Industry
Government Response Summary
The government's response thanks the Committee for agreement on the inappropriateness of a grant to GFG Alliance, without addressing the conclusion regarding GFG Alliance's circular trading practices.
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
16. The Government is grateful to the Committee for its agreement that providing the grant requested to support GFG Alliance would have been an inappropriate use of taxpayer money.
Source
Committee
Business and Trade Committee
Report
Fourth Report - Liberty Steel and the future of the UK steel Industry
05 Nov 2021
HC 821
Addressee Bodies
Department for Business and Trade
Timeline
Recommendation age
4.7 yrs
Report published
05 Nov 2021