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Britain’s Serious Fraud Office investigating Tata Steel UK: Report

India TV Business Desk 08 Apr 2016, 16:31:37 IST
India TV Business Desk

New Delhi: Days the entire UK government was sent into a tizzy following Tata Steel’s announcement to sell off its entire business in the country, a news report today claimed that Britain’s Serious Fraud Office(SFO) has launched a probe into the operations of India’s biggest steel player over allegations of fraud in the UK.

According to a report published on Friday in the UK-based newspaper the Daily Telegraph, UK’s SFO has launched a criminal investigation into the operations of Tata Steel UK over allegations that its staff tampered with certificates detailing the composition of its steel prior to its sale.

According to the news report, the company’s Yorkshire unit is the centre of the probe. The matter, said the Daily Telegraph, came into the notice of authorities after the company itself referred the matter to the SFO following an internal audit.

Nine employees of the company are said to have been suspended in the aftermath of the revelations, which has also impacted 500 clients including BAE and Rolls Royce, the report said.

The development comes close on the heels of Tata Steel’s announcement that it would quit its business in the already crisis-ridden country, sending shock waves in Britain over the possibility of huge job losses. Tata Steel put up its entire business in UK up for sale last week, prompting calls for government intervention.

Meanwhile, Tata Steel is likely to initiate the process of selling its UK business assets, UK’s Business Secretary Sajid Javid said after a meeting with Tata Steel officials in Mumbai earlier this week.

(With agencies)