ASIC Investigates Gupta's GFG Empire Collapse

0:00Australia's corporate watchdog ASIC is digging into individuals tied to steel tycoon, Sanjeev Gupta's GFG Empire after three major companies collapsed, here, that includes the wireless steelworks put into administration by the South Australian government last year, the Tomor coal mine liquidated last month. With over $400 million in debt and the Liberty Bell Bay Manganese smelter, now an administration, these failures have left creditors owed millions and hundreds of workers hanging. More than 200 at the Tasmanian smelter alone face uncertainty. Many with decades on the job, like 32 years for some long time employees. Workers are reeling, talking about the stress and family-like bonds shattered overnight. One contractor from Tomor called it personal after a banner year, turned to bust, questioning where the money went and even suggesting Gupta sell his. As the Sydney Harper side home to pay up, ASIC says it's lost probes into related entities

1:00right after Miss Falling's last year, acting decisively on this tangled web, despite gripes it's been too slow. Experts label it a slow-moving car crash in plain sight, while Gupta's team regrets the hit-to-families, claiming they poured in massive capital to. Save these beat-up assets, bought distressed. Buyers are lining up for Tomor and Liberty Bell Bay, with Gupta's bigger steel arm in for-build, posting a $250 million loss. But, holding steady, communities are holding breadth for restarts, underscoring how these ripples threaten jobs and local steel supply down under. This has been Sydney News Today, powered by AI.