Embattled steel mogul Sanjeev Gupta was paying £100,000 a month for a luxury Belgravia residence during the pandemic, even as he publicly sought financial aid from the Prime Minister. Documents revealed that Gupta was not living in this lavish five-story flat, which included a basement swimming pool, but was instead residing at his Welsh estate. He had to vacate the property after paying £1.8 million in rent due to a dispute between his landlords and their mortgage lender over a £24 million loan.
The extraordinary details emerged from High Court documents, showing Gupta's involvement in a battle with Luxembourg-based lender SF Addison regarding the Eaton Square property. Gupta had entered a three-year tenancy agreement with Thai landlords Achara and Chatchai Tripipatkul, paying £100,000 monthly, including a year's rent upfront and another £600,000 after six months. However, the landlords had taken out a £24 million loan in 2017 without the lender's consent for renting the property.
When the landlords failed to repay the mortgage, receivers attempted to take possession in December 2019, only to discover Gupta and his family occupying it. Despite initially claiming inability to vacate due to pandemic restrictions in March 2020, Gupta had stated in an article a month later that he was working from his Welsh home. In July 2020, a High Court order led to Gupta surrendering his tenancy. Following this, Gupta and his wife purchased a six-story Belgravia townhouse to add to their extensive property portfolio.
This incident adds to the scrutiny of Gupta, whose Liberty Steel group, employing 5,000 British staff, faces collapse. Gupta's company secured about £400 million in loans from the British Business Bank via Greensill Capital, which later filed for insolvency. The relationship between Greensill Capital and Gupta's GFG Alliance has drawn criticism, particularly concerning former Prime Minister David Cameron's lobbying efforts for Greensill.
