Last week Sanjeev Gupta secured the solvency of a portion of Gupta Family Group Alliance’s aluminium assets last week by paying off a £10-million loan.
Retiring the loan will prevent the UK-based Liberty Aluminium Technologies (LAT) from collapsing into bankruptcy proceedings. The payback to Close Brothers averted receivership, which looked to be an increasingly certain outcome for the subsidiary.
Liberty Aluminium Technologies is a major supplier to Jaguar Land Rover, as they have begun transitioning to the use of aluminium alloys where possible for sustainability and lightweighting purposes.
It was not immediately clear this weekend where Gupta raised the funds to satisfy the loan.
Meanwhile, Gupta apologized to the British Parliament for being unable to testify in relation to a probe in GFG Group’s funding of Liberty Steel. He indicated that his absence is due to an investigation by the Serious Fraud Office over the same subject.
“I hold the UK parliament and its committees in the highest regard,” said Gupta.
He continued that “in addition to our written evidence submission I will be happy to consider any written questions the committee have and to respond as fully as I am able.”
GFG Group put LAT up for sale last month after Gupta’s meeting with Credit Suisse. He previously promised that none of the Group’s steel assets would be closed “on my watch.”
LAT employs 350 workers at its sites in Kidderminster, Witham, and Coventry.