Liberty Steel Got Grants after Start of Greensill Probe in October
The Mail on Sunday reported that Liberty Steel received Government grants worth GBP 276,245 even after its lender Greensill Capital came under investigation for taxpayer-backed loans handed to the steel group. Documents seen by The Mail on Sunday show Innovate UK, a Government agency, and the Welsh Government gave the money after the Treasury launched an investigation into Greensill for supplying tens of millions in Government-backed loans to Gupta entities on October 9.
The grants were approved on October 20 as part of Wales's GBP 500million Economic Resilience Fund. Innovate UK approved a grant of GBP 95,245 to Liberty Powder Metals on December 1. The Welsh Government gave Liberty's Newport plant a GBP 132,000 grant to save 132 jobs, while the Tredegar plant was given GBP 49,000 to save 49 jobs.
Innovate UK said its grants were checked by independent experts, and that the award was made when the agency was certain Liberty was solvent. The Welsh Government said its funding schemes had provided essential support for firms.