UK accounting regulator probes audit of Liberty Commodities

The UK’s accounting watchdog said it had started a probe into HW Fisher's audit of Liberty Commodities, part of GFG Alliance and owned by the family of steel magnate Sanjeev Gupta.

An investigation by the Financial Reporting Council will look at the audit of financial statements for the year to March 31, 2020. No further details were provided.

The FRC last June opened investigations into the audits of the now collapsed Greensill Capital and Wyelands Bank, which is part of GFG Alliance.

Greensill went under after one of its main insurers declined to renew its cover. Britain’s Serious Fraud Office last May said it was looking at “the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK”.