Citibank Begins Applications for GFG Australian Assets

07 April 2021

    Citibank Group has begun an application with Australia's Supreme Court of New South Wales to wind up two businesses run by the steel magnate - Sanjeev Gupta, as part of insolvency measures.


    The London branch of Citibank lodged an application  to wind up OneSteel Manufacturing in South Australia and Tahmoor Coal in New South Wales, according to the court. A directions hearing is scheduled for May 6.


    The application comes as Credit Suisse begins actions in London and Australia to recoup losses from supply chain provider Greensill Capital, which has applied for insolvency, after providing funding to Gupta’s privately-held GFG Alliance, among others. When it comes to the court case, GFG said it did not conduct any financing with Credit Suisse.


    "GFG Alliance expects the confirmatory due diligence to be complete within weeks before a final offer is accepted. GFG Alliance is in constructive discussions with Grant Thornton, Greensill’s administrators, and other stakeholders to negotiate a consensual and amicable solution on the way forward, which is in the best interests of all stakeholders”, the company said in a statement, further adding: "The Australian businesses are performing well and generating positive cash flow, supported by the operational improvements we’ve made and strong steel and iron ore markets”.


    *The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).



Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit