by dedja » Wed Feb 19, 2025 2:26 pm
He’s previously stated that he’s not interested in Federal politics.
Early indications are that, as suspected, GFG have been bleeding the Whyalla Steelworks dry of funds to prop up Gupta’s other businesses.
What hasn’t been explicitly highlighted in the last few days is that of the $300M+ GFG owes creditors of the Whyalla Steelworks, a large chunk of that is ‘funny money’ between GFG and associated companies, like SIMEC mining, Whyalla Port and Tahmoor Coal Colliery.
Hopefully KM will see through this and put those GFG Group companies last in the creditor queue, plus the legislation change today puts the State Govt at the top of the creditor list, so this should enable them to assist the smaller creditors who would normally get screwed by the Administrator.
With a bit of luck, this is the domino required to sink Gupta globally. The Brits are keen to get him as well.
Obviously, the best outcome is that all the non-Gupta entities get paid, the workers can continue to run the steelworks whilst being paid, and KM find a new owner.
Last edited by
dedja on Wed Feb 19, 2025 3:02 pm, edited 1 time in total.
Dunno, I’m just an idiot.