In late 2017, the British billionaire and his GFG Alliance acquired collapsed steel and mining business Arrium in a $700 million deal, and has since then won plaudits in Australia with promises of more big investments in the country. Australian insurance company QBE has reduced trade credit insurance cover to some members of the GFG Alliance. The move follows a series of recent events that have raised questions about whether the alliance is still in good standing with its members. According to sources, QBE had repeatedly asked for full financial information on the GFG Alliance and, after it was supplied, the insurer's global credit committee said it was "unable to continue providing full support".
Australian insurance company QBE has reduced trade credit insurance cover to some members of the GFG Alliance. The move follows a series of recent events that have raised questions about whether the alliance is still in good standing with its members. According to sources, QBE had repeatedly asked for full financial information on the GFG Alliance and, after it was supplied, the insurer's global credit committee said it was "unable to continue providing full support".