Sanjeev Gupta, the steel tycoon has delayed publishing the accounts of more than 20 companies, which has raised new questions about the financial health and transparency of his company. Gupta bought the remains of the Caparo steel business in 2015, and had attempted to buy Tata’s steelworks in Port Talbot South Wales.
Over 40 of Gupta’s UK subsidiaries when analysed highlighted that about half have used an accounting tactic to postpone the filing of accounts at Companies House and this means that the last disclosed trading was almost two years ago. Gupta has spent hundreds of millions of pounds on acquisitions of businesses ranging from Steelworks and Aluminium plants to banks across the UK, America, Europe and Australia.
At present the steel tycoon is eyeing the purchase of European steelworks from ArcelorMittal by his Liberty House operation. The Gupta Family Group Alliance, has more than 14,000 staff and reports about £11.5bn annual turnover. He plans to float parts of his empire on the US and Australian stock markets.
However, suppliers in the UK and Australia are complaining about late payments and only last week he was forced to apologise to the Australian steelworks suppliers after a backlash from politicians.
Private companies are required to file their accounts at Companies House within nine months of their year-end, otherwise they may be fined and struck off. However, many of Gupta’s UK companies have not revealed their trading performance since March 2017.
