LONDON, Oct 14 (Reuters) - The UK Serious Fraud Office (SFO)
has closed a five-year criminal investigation into Speciality
Steels, a company owned by Indian-British steel magnate Sanjeev
Gupta's GFG Alliance, without bringing any charges.
The agency said the investigation had not met its test of
both providing sufficient evidence for a realistic prospect of
conviction and being in the public interest - and that all those
connected with the inquiry had been informed.
"There is a high bar for the SFO to charge individuals or
companies with a criminal offence and we will close cases where
it is not in the public interest for us to continue with our
investigation," a SFO representative said on Thursday.
The investigation is separate from the SFO's fraud,
fraudulent trading and money laundering inquiry into the
financing and conduct of companies within the Gupta Family Group
Alliance (GFG) - including its financing arrangements with
Greensill Capital - which was launched in May.
The investigation into Speciality Steels dated back to when
it was owned by Tata Steel UK Ltd.
(Reporting by Kirstin Ridley; Editing by Kirsten Donovan)