Gupta’s Liberty Steel received grants even after Greensill came under investigation
Money given after the Treasury launched a probe into Greensill on October 9The Welsh Government gave Liberty’s Newport plant a £132,000 grant While the Tredegar plant was given £49,000 to save 49 jobs
Sanjeev Gupta’s Liberty Steel received Government grants worth £276,245 even after its lender Greensill Capital came under investigation for taxpayer-backed loans handed to the steel group.
Documents seen by The Mail on Sunday show Innovate UK, a Government agency, and the Welsh Government gave the money after the Treasury launched an investigation into Greensill on October 9.
The Treasury’s British Business Bank is investigating Greensill for supplying tens of millions in Government-backed loans to Gupta entities.
The grants were approved on October 20 as part of Wales’s £500m Economic Resilience Fund
The taxpayer is on the hook for 80 per cent of the loans, but the guarantee can be withdrawn if a lender breaks the scheme’s rules.