Witness statements by the metals magnate say verbal agreements from the founder of the now-defunct financing firm underpinned billions in loans
| Sanjeev Gupta has claimed that Lex Greensill repeatedly reassured him not to “worry about the documents” that underpinned billions of pounds of loans the financier’s eponymous firm extended to the steel magnate’s business empire.in 2021 after lending more than $US5 billion to Gupta’s GFG Alliance group of metals companies, which are now subject to a UK Serious Fraud Office probe focusing on their financing arrangements with the once high-flying lending start-up.
“Lex and I would generally speak on a daily basis, often several times a day,” Mr Gupta said. “We would meet in person regularly, mostly informally for breakfast, for a coffee or a drink at each other’s homes or over dinner. Our relationship was based on a mutual trust between each other.” While Mr Gupta conceded that he was not “involved in reviewing or reading the documents in any detail”, he added that he struck the main terms during one-on-one discussions with Mr Greensill: “I would sign the documents Lex requested me to. However, the essentials of our arrangements . . . were agreed verbally between Lex and me.”
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