The serious fraud office has opened a criminal investigation into the Tata Steel at UK based operations and the police officials are investigating the allegations which are self tampered with the certificates detailing the composition of steel products before they were sold in the market.
The Daily Telegraph has reported that the company’s Yorkshire site is the main focus of the inquiry. Nearly nine employees are suspended and 500 clients which include BAE, Rolls Royce will be affected heavily. There is also a trading standards investigation, but it is not clear that whether it is connected to the criminal investigation.
Ratan Tata who is the former chairperson of Tata group has defended the decision by calling the UK steel corporation as under invested and overmanned. During January the Tata Company has declared more than 1000 job losses at UK plants and nearly 750 of them are from Port Talbot.
Liberty House owner Sanjeev Gupta has emerged as the most likely buyer of Tata steel UK. The tycoon who has already saved many UK based steel works and has told that the deal will require a partnership with the government. The Tata steel will begin the sales process by Monday, April 11th was declared by the Business Secretary Sajid Javid.
