Paul Barry exposes how steel tycoon Gupta fooled the world's leaders
Investigative journalist Paul Barry tells a story. Steel tycoon Sanjeev Gupta bought struggling factories. He then drained them of cash.
Paul Barry, one of Australia's leading investigative journalists, details Sanjeev Gupta's rise and fall in his new book. Gupta's scheme was simple.
He would buy struggling steelworks, aluminium smelters, or power stations in towns dependent on them, promise millions in investment and modernisation, stage ribbon-cutting ceremonies with local politicians, then disappear and drain the businesses of cash.
This stunt was repeated across two dozen steelworks in Britain, Europe, the US and Australia, including Whyalla in South Australia, Uskmouth and Newport in Wales, and Galati in Romania. Bankers, journalists, politicians and regulators wanted to believe his promises, but few asked basic questions.
The book draws parallels to Alan Bond's infamous rise and fall in Western Australia. Administrators this week decided to permanently shut down the Whyalla steelworks blast furnace, with around 500 jobs to be lost.
- Whyalla, Uskmouth, Newport, Galati
- Named locations
- Around 500
- Whyalla jobs lost
Why it mattersThe book reveals how a charming fraudster exploited trust and weak regulation to take billions from struggling communities around the world.
AustraliaGupta's collapse affected Australian workers and communities, most notably the Whyalla steelworks shutdown that cost around 500 jobs in South Australia.
✓ Claims checked against the source and corrected before publish. checked 9 d ago
