FRC probes auditor behind Gupta steel empire

Liberty Steel
Liberty was seen as a saviour of British steel operations

Regulators have launched an investigation into the firm responsible for signing off the accounts for a range of steel tycoon Sanjeev Gupta’s businesses, including his operations at Lochaber.

The Financial Reporting Council (FRC), which regulates the accounting industry, will be scrutinising the involvement of King and King in four Liberty Steel businesses whose offices were recently visited by  Serious Fraud Office (SFO) investigators.

The SFO is pursuing enquiries into suspected fraud and money laundering.

The FRC said it would be combing through accounts relating to Liberty Speciality Steels Limited, Alvance British Aluminium Limited (formerly Liberty Aluminium Lochaber Ltd) and Liberty Steel Newport Limited for the year ended March 31 2019.

It will also look at Liberty Performance Steels Limited statements for the year ended 31 March 2020.

Mr Gupta has become the focus of attention after the main lender Greensill Capital, collapsed a year ago.

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