Liberty Commodities being wound down

Liberty Commodities is being wound down as Liberty looks to focus on steel, aluminium and energy production, a company spokesperson told Argus today.

The trading team is being integrated into the industrial sales, marketing and procurement functions where possible. Around 80pc of Liberty Commodities' staff in London have left the business, although there are a few key personnel left in Dubai.

Liberty is part of Sanjeev Gupta's Gupta Family Group alliance. "GFG continues to make significant progress to restructure and transform its business following the collapse of Greensill [its main lender]," the company said.

In May this year the UK Serious Fraud Office said it was "investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd".

Liberty Commodities has found it increasingly hard to obtain letters of credit in recent years, as scrutiny about the division — and the wider Liberty group — has intensified, making it more difficult for the company to keep trading.

By Colin Richardson