Source · Select Committees · Business and Trade Committee
Recommendation 16
16
GFG Alliance’s reported engagement in circular trading, or REPO structures, exacerbated a concentration risk to...
Conclusion
GFG Alliance’s reported engagement in circular trading, or REPO structures, exacerbated a concentration risk to Greensill Capital by raising large amounts of working capital against invoices created to raise finance instead of selling steel to genuine customers. (Paragraph 86) 64 Liberty Steel and the Future of the UK Steel Industry
Government Response
Acknowledged
HM Government
Acknowledged
16. The Government is grateful to the Committee for its agreement that providing the grant requested to support GFG Alliance would have been an inappropriate use of taxpayer money.