Breaches of requirements were the result of the failure of the audit team to properly understand the bank’s lending and adequately consider the risks underlying its business model.
Wyelands Bank was acquired in December 2016 by Sanjeev Gupta, the owner of the Gupta Family Group Alliance (GFG Alliance), a conglomerate specializing in the steel, aluminium and renewable energy industries.
Three years after the acquisition the bank’s business was primarily trade finance. This was the intended result of a plan
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