ASIC investigating Sanjeev Gupta-linked companies as Whyalla fallout continues

Australia’s corporate watchdog says it has several investigations underway into entities and individuals linked to steel tycoon Sanjeev Gupta’s industrial empire, as pressure continues to build around the fallout from a series of company collapses tied to the GFG group. ASIC says it would be inappropriate to comment on the exact nature and scope of those investigations, but confirmed it has taken enforcement action involving what it described as a “complex web of private companies”.

The development keeps South Australia firmly in the spotlight, with the Whyalla steelworks remaining one of the most significant assets caught up in the wider turmoil. ABC reports the South Australian government placed the debt-ridden Whyalla steelworks into administration last year, while the Tahmoor coal mine in New South Wales and Liberty Bell Bay manganese smelter in Tasmania have also fallen over. Those collapses have left workers in limbo and creditors owed millions, adding to concern about the stability of businesses connected to Gupta’s operations in Australia.

More than 200 workers at Liberty Bell Bay are now facing an uncertain future, with long-term employees speaking publicly about the stress and instability surrounding the site. Corporate law experts told the ABC the situation has been a “slow-moving car crash” for years, and said it was significant that ASIC had now confirmed multiple investigations are underway. For South Australians, the story remains especially important because of Whyalla’s economic significance and the ongoing questions over what happens next for the steelworks and the surrounding community