Controversial British billionaire Sanjeev Gupta, who bought the former Arrium steelworks in Whyalla out of administration, has approached the federal government for financial assistance.
Sanjeev Gupta's GFG Alliance purchased the Whyalla steelworks and other assets from Arrium after the manufacturing giant collapsed into administration owing $2.8 billion and leaving 7000 jobs at risk.Mr Gupta's GFG Alliance made an informal approach to a joint Commonweath/South Australian taskforce about the possibility of a public debt guarantee after the re-election of the Morrison government in May, sources said.
Sources familiar with the GFG Alliance discussions said accounting and advisory firm PwC had been engaged by the joint task force - set up in 2015 to co-ordinate government action to support the Whyalla operations - to assist in evaluating proposals relating to the steelworks.
kloussikian GFY
kloussikian He's a billionaire and he's asking for our money, taxpayer money ? I hope the answer is 'no'.
kloussikian Billionaires asking for handouts, fund managers asking for stimulus, presidents asking for rate cuts.....the past decade has been all about making the rich richer....and now it’s become an addiction, they want more.
kloussikian Sanjiv should have bought it at 1/2 d price they paid for a debt ridden company He paid to much BlueScope described Australia's high energy costs as 'a tragedy' for local manufacturing and announced a $1 billion expansion inUS where gas is 1/3 of OZ