UK accounting watchdog probes Sanjeev Gupta’s Liberty Commodities

LONDON (Reuters) – Britain’s accounting watchdog opened an investigation on Thursdsay into HW Fisher’s audit of Liberty Commodities, part of steel magnate Sanjeev Gupta’s family conglomerate GFG Alliance.

The Financial Reporting Council said it had commenced its investigation into the audit conducted by HW Fisher of metals trading house Liberty Commodities’ financial statements for the year ended March 31, 2020.

The watchdog gave no further details.

HW Fisher was not immediately available for comment. GFG declined to comment.

In June last year the FRC said it had opened investigations into the audits of Greensill Capital and Wyelands Bank.

Wyelands is part of GFG Alliance, which was closely linked to financing company Greensill Capital, which collapsed last year after one of its main insurers declined to renew its cover.

(Reporting by Huw Jones; Additional reporting by Eric Onstad; Editing by Edmund Blair)