UK accounting watchdog probes audits of Sanjeev Gupta-owned metal firms

The FRC said it made the decision to investigate the audits in February, but gave no further information

Britain's accounting watchdog has opened four investigations into audits by King & King of steel and aluminium companies owned by metals tycoon Sanjeev Gupta's GFG Alliance, it said on Wednesday.

The Financial Reporting Council said the investigations are into the financial statements of Liberty Speciality Steels Limited, Alvance British Aluminium Limited, Liberty Steel Newport Limited and Liberty Performance Steels Limited.

The investigations cover the financial year to March 31, 2019 for Liberty Speciality Steels, Alvance - formerly known as Liberty Aluminium Lochaber - and Liberty Steel Newport, the watchdog said.

For Liberty Performance Steels, the probe covers the year ended March 31, 2020,