SN08ROB

Global metals guru, trainee philanthropist and increasingly reluctant moutaineer.

[James Melville 🚜 @JamesMelville]

The Great British net zero con-trick of Drax.

The Labour government is trying to force through an extension that would give Drax an estimated £1.8bn in taxpayer funded subsidies on top of the £11bn it has already received.

Drax has burned an amount of wood equivalent to 300 million trees. Burning wood creates 18% more CO2 emissions than coal.

And here’s the con trick: Drax is a sneaky way of exporting our CO2 emissions. We pay billions of pounds to cut down ancient forests in the US and Canada, ship the wood across the Atlantic in diesel tankers, then burn it in a Yorkshire-based power station.

And here’s the kicker - the CO2 emissions tally is not counted against the country that burns it, but the country that grows it. So Drax emissions are counted against the countries who grow and export the wood for Drax - like Canada and USA…not UK who burn it. So the UK can reduce CO2 figures by importing the burning wood grown elsewhere.

A gigantic net zero con-trick.

[SN08ROB @bakersteelyrob]

Hoorah. Finally. The beginning of the end for taxpayers' billions £££ in this greenwashing and financial mega-scam.

[SN08ROB @bakersteelyrob]

@Bloatee1 @SimonMEvans Maybachs rather than Rangies, tho 😁

[Bloatee @Bloatee1]

@SimonMEvans

Isn’t it amazing how Sanjeev Gupta, Lex Greensill and their associates are still swanning around in private jets or white Range Rovers, and not mopping the toilets on D-wing of some prison?

[SN08ROB @bakersteelyrob]

Unravelling indeed https://t.co/sb9r8QQgLE

[Bloatee @Bloatee1]

Failed commodity trade financier and would-be industrialist Sanjeev Gupta’s UK prosecution put on hold.

After failing to file accounts for over 7 years on some companies, and abusing the system by frequent date changes, Gupta resorts to lawfare.

https://t.co/Cel9yljbag via @ft

[Bloatee @Bloatee1]

@ojngill
Do you think the UK govt (and advisors Teneo) would allow Specialty Steel UK to fall from a debt-funded ‘Greensteal’ charlatan into the hands of a crypto scam?
Especially as Sanjeev Gupta is now endangering another UK firm, Clydesdale Engineering, in his shenanigans?

[SN08ROB @bakersteelyrob]

Our old mucka strikes again! 👏🫣 https://t.co/Ci8CgzE6zZ

[SN08ROB @bakersteelyrob]

@jaguarlandrove_ @JLR_News
I have been trying to renew InControl pro since 17 December, on which date you promised to send me a link to renew. My car is now uninsured thanks entirely to your woeful ineptitude. Neither webchat nor your phone "services" work.
Staggeringly poor 😡

[Bloatee @Bloatee1]

Romania Probes $300 Million CO₂ Fraud Tied to Sanjeev Gupta’s Liberty Steel

The book finally closing on commodity trade financier Sanjeev Gupta’s decade long debt-financed dalliance with global primary metals industries?

https://t.co/ky76bVFekE via @OCCRP

[Jamie Smyth @JamieSmythF]

Exxon to ‘pace’ its planned $30bn spending on low-carbon projects blaming weak customer demand and bad government policies @Michael_Pooler @FT https://t.co/8xVF6eGXBO via @ft

[SN08ROB @bakersteelyrob]

"He's not the perpetual messiah, he's a very...." 😉

[Bloatee @Bloatee1]

‘Perpetual god’: Sanjeev Gupta trial reveals cash crunch & Greensill reverence

More revelations of the desperate money-go-round which has long defined the GFG Alliance.
Top reporting from the FT, total embarrassment for those taken in by him.

https://t.co/PbiNO9kZjL via @ft

[Bloatee @Bloatee1]

@FCNightingale Softbank paid $440m to Greensill to repay debts of Katerra, another Softbank investee company, which the CS funds held in note form.
Greensill instead used the money to shore up its own creaky finances.

The judge repeatedly criticised Lex Greensill’s want of probity. Again.

[Nightingale Associates @FCNightingale]

Before First Brands, Tricolor and 777 Partners as well as the frauds at Merchants Bank, Zions, and Western Alliance along with the alleged fraud ring in Baltimore there was Greensill Capital.

In March 2021, Greensill Capital, the UK-based leading supply chain financing provider, with 16 offices across the world, filed for insolvency.

Less than two years earlier, Greensill had received a $1.5 billion investment from SoftBank’s Vision Fund, valuing the company at $3.5 billion.

Greensill's lending was considered risky due to its reliance on lending against future, not yet generated, invoices, which was riskier than traditional supply chain finance.

Many of the loans were made to companies that later proved unable to repay.

This practice, combined with a high concentration of exposure to specific clients like Sanjeev Gupta's GFG Alliance, made the company vulnerable when a key insurer declined to renew coverage for the loans

October 15, 2025
Credit Suisse on Wednesday lost its $440 million London lawsuit against Japan’s SoftBank Group Corp. over losses linked to collapsed finance firm Greensill Capital.

Greensill’s collapse made Credit Suisse close $10 billion of funds linked to the financial firm and, along with other scandals, led to the 2023 state-backed rescue of the 167-year-old Swiss bank by rival UBS Group.

-reuters
#cracksincredit

[Crewkerne Gazette @CrewkerneGaz]

It’s been a tough day for David Lammy, who has given Labour yet another scandal.

Here is the AI Lord Chancellor’s latest hit song:

“Oops I freed them again”

[Mark Walsh @walshy140]

@Bloatee1 @bakersteelyrob @australian Thanks! So the cash wasn’t provided by the Gov upfront and the taxpayer isn’t currently out of pocket? That’s a better situation for the public purse than I had understood 👍🏼

[Bloatee @Bloatee1]

@JeremyClarkson To David Cameron?

[Bloatee @Bloatee1]

@bakersteelyrob @australian https://t.co/rduLWJmTSf

[SN08ROB @bakersteelyrob]

@Bloatee1 @australian The guarantees, certainly. But think like a civil servant: whilst the business is trading there exists a possibility - however remote and utterly fanciful - of recovery. In theory 😉