Probed trader runs the rule over Corus
Sunday 13 April 2003
Balli Group, the controversial steel trader which is being investigated for fraud in Germany, has expressed an interest in buying some of the assets of the ailing Corus.
The troubled Anglo-Dutch group suffered another blow on Friday when Moody's downgraded its debt rating, putting pressure on it to sell assets to help repay a £1.4 bn loan. It put out feelers to the steel industry to see if anyone would want to buy some of its less profitable assets – with its UK plant in Scunthorpe top of the "for sale" list.
So far Ispat, run by Indian businessman Lakshmi Mittal, has admitted to talks. Balli, which is owned by three Iranian brothers, Vahid, Hassan and Nasser Alaghband, is also running the rule over Corus. "We are observing the situation with a lot of interest," said a spokesman.
Corus has asked McKinsey to conduct a strategic review of the company. Its attempt to sell its aluminium firm was blocked by the Dutch supervisory board earlier this year.
Balli would be a controversial buyer for Corus assets as it is under investigation for fraud in Germany, where it bought the famous Rhineland steel business, Klockner, in 2001. The Alaghbands are accused of removing €120m (£82m) from the company. The German authorities have frozen the business and banker WestLB is threatening to foreclose on a loan to Klockner. The Alaghbands are now looking to sell out, probably taking a large loss.
Vahid Alaghband was arrested in Switzerland last year under orders from the German authorities. He is not allowed to leave Switzerland until the case is closed. A Balli spokesman said: "We aim to sort out the situation by the end of the second quarter."
Balli is also well known to Lakshmi Mittal as it is his partner in the Sidex steel venture in Romania, which hit the headlines last year. Mr Mittal, a substantial Labour Party donor, was accused of obtaining undue help from the UK Government and the ambassador to Romania when he bid for Sidex.
- 1 Israel-Gaza conflict: 'When Genocide is Permissible' article removed from The Times of Israel website
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Lost portraits of the Somme: 100 images of Tommies posing before they went over the top. Now can you help to identify them?
Israel-Gaza conflict: 'When Genocide is Permissible' article removed from The Times of Israel website
Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
Pope Francis issues top 10 tips for happiness
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...