About: http://data.cimple.eu/news-article/60b03392680020368ed5be08dd64e327c9546652ab89ee1b33ea7abe

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About: http://data.cimple.eu/news-article/60b03392680020368ed5be08dd64e327c9546652ab89ee1b33ea7abe Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Liberty Steel's UK facilities have a "viable future", the British government insisted Tuesday, a day after struggling parent group GFG Alliance put some of them up for sale. Liberty on Monday launched a major restructuring plan that includes the sale of some British assets following the collapse of its key financier Greensill. Business Secretary Kwasi Kwarteng on Tuesday did not rule out nationalising Liberty assets, adding however that it was "the least likely" option. GFG, owned by Indian-British billionaire Sanjeev Gupta, wants to sell Liberty's plant in Stocksbridge, northern England, and other facilities which together employ 1,500 staff. "The issue that Liberty had was to do with financial engineering, the opaque bit, if you like, of GFG, the leverage, the finance, the debt they had incurred," Kwarteng told a parliamentary committee investigating the company's plight. "Without that, I think there is a healthy interest in the assets and I think they have a viable future," he added. The Greensill affair shone a light on Gupta's business practices, with the UK government describing GFG's structure as "very opaque" after declining to rescue it earlier this year. Britain's Serious Fraud Office earlier this month launched a probe into GFG Alliance, focusing partly on links with Greensill. Bank of England governor Andrew Bailey on Monday revealed that Wyelands Bank, part of GFG, had been probed by the BoE since 2019. Kwarteng on Tuesday said "the Bank of England now has concerns about Wyelands Bank, which it didn't have last year". He also stressed that all options were on the table for Liberty's steel plants. "I don't rule anything in or out, but I think that nationalisation -- of all the options -- is the least likely." Greensill's dramatic demise sparked fears for the future of GFG's 35,000 staff worldwide -- which includes 5,000 at Liberty Steel in Britain. GFG was Greensill's biggest customer when the business finance giant collapsed in March. ved-rfj/bcp/wai
schema:headline	Liberty Steel's UK plants have 'viable future': govt
schema:mentions	Serious Fraud Office (United Kingdom) Kwasi Kwarteng Kingdom of England Nationalization Gupta Empire Liberty Steel Billionaire United Kingdom Wyelands Stocksbridge Financial engineering GFG Alliance Corporate finance Sanjeev Gupta Secretary of State for Business, Energy and Industrial Strategy Andrew Bailey (baseball)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-25 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	75 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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