Sanjeev Gupta. Picture: BLOOMBERG/BRENDON THORNE
“At some point certain discrepancies were spotted within documentation and logistical data, which made Sberbank discontinue all operations with the company,” the bank said in a statement. “The issue was settled in pretrial format. Thanks to the existing control systems, we incurred no financial losses through these operations and managed to unwind all transactions in the spring of 2019.”
As several banks dropped Gupta’s commodity trading unit, GFG Alliance came to rely more on Greensill Capital for loans — ultimately racking up debts of nearly $5bn to Lex Greensill’s trade finance company by March 2021, according to a presentation seen by Bloomberg News. Gupta’s commodity trading business alone has $1.04bn of debt, of which $846m is owed to Greensill, according to the presentation.
Then, in late 2016, Goldman Sachs, which had extended a credit line of about $20m to Liberty to finance its nickel trade, stopped dealing with Gupta’s trading company after being warned of alleged paperwork problems by a contact in the warehousing industry, according to three people familiar with the matter.
Metals trader Red Kite Capital Management, which also cut ties with Liberty, did so because it had become “uncomfortable” with some of the trades, said Michael Farmer, the company’s founder who is also a member of the UK’s House of Lords. “It was difficult to work out the commercial sense of some of the shipments, which resulted in our decision to err on the side of caution and discontinue such trades,” said Farmer, who is one of the world’s best-known metal traders.
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