The French government has grounds to believe that Sanjeev’s Gupta’s GFG Alliance has “misappropriated” funds from a steel plant in Romania, according to court documents in a case involving one of the metal magnate’s companies.
Gupta has launched legal action in London in a last-ditch attempt to reclaim a vast aluminium smelter in Dunkirk, northern France, after its takeover by a US private equity firm, American Industrial Partners (AIP). GFG has been under intense financial pressure since the collapse of its main lender, Greensill Capital.
