"ASIC investigating 'complex web of private companies' in Sanjeev Gupta's empire amid growing worker anxiety", 14 April 2026

Corporate watchdog ASIC has revealed it is investigating "individuals" within steel tycoon Sanjeev Gupta's portfolio of industrial companies.

Three of those have now collapsed in Australia, leaving workers in limbo.

Last year, the South Australian government placed the debt-ridden Whyalla steelworks into administration, with the Tahmoor Coal mine in New South Wales and Liberty Bell Bay manganese smelter in Tasmania the latest dominoes in Mr Gupta's empire — known as GFG — to fall.

Creditors are owed millions. Greg Dawson is among more than 200 smelter workers from Liberty Bell Bay facing an uncertain future…

ASIC has been accused of responding too slowly to financial red flags within the businesses, but the corporate regulator has now told 7.30 it has several investigations underway into "related entities and individuals" within Mr Gupta's GFG conglomerate.

"It would be inappropriate to comment on the nature and scope of those investigations at this time," the corporate regulator said in a statement…

… Mark Bryant is looking for accountability, too. He worked as a contractor at the Tahmoor coal mine for five years and wants to know how the operation went from success to failure.

… In a statement, a spokesman for GFG said Mr Gupta regretted the "impact these outcomes have had on workers and their families" and said Whyalla, Tahmoor and Liberty Bell Bay were all "significantly distressed assets when acquired".

… When the Whyalla steelworks were placed into administration …, the administrators, KordaMentha, said the operation was losing about $1.5 million a day, was in a state of disrepair and was unsafe.

… In its statement, ASIC said its inquiries began the day after Liberty Primary Metals Australia, the parent company of the Whyalla steelworks, failed to file its company reports in 2024.

… Workers hopeful, but scarred…