UK accounting watchdog the Financial Reporting Council revealed on Wednesday that it has launched four investigations into audits by King & King of steel and aluminium companies owned by Sanjeev Gupta’s GFG Alliance.
The FRC stated the investigations were into the financial statements of Liberty Speciality Steels, Alvance British Aluminium, Liberty Steel Newport and Liberty Performance Steels and cover Liberty Speciality Steels, Alvance Liberty Steel Newport’s financial year ended 31 March 2019 and Liberty Performance Steels’ year ended 31 March 2020.
The decision by the FRC, which noted it had opted to further investigate the audits back in February but provided no further information, comes after Britain’s Serious Fraud Office made coordinated raids on trading addresses of London-based GFG Alliance in April.
