Exclusive: Scottish guarantee of metals tycoon’s plant worth half a billion pounds

By Tom Bergin FORT WILLIAM, Scotland (Reuters) - A Scottish government guarantee related to a loss-making aluminium plant owned by commodities tycoon Sanjeev Gupta is worth more than half a billion pounds, nearly twice the amount previously known, according to people familiar with the matter. While Scotland disclosed the existence of the guarantee in 2016, neither the government nor Gupta’s GFG Alliance has made public its full value of about 575 million pounds. Ratings agency Moody’s had publicly said it assessed 295 million pounds worth of bonds underpinned by the guarantee, without specifying whether that was the full amount or part of it

The post Exclusive: Scottish guarantee of metals tycoon’s plant worth half a billion pounds appeared first on Firstpost.

from Firstpost