Corporate watchdog ASIC has revealed it is investigating "individuals" within steel tycoon Sanjeev Gupta's portfolio of industrial companies. Three of those have now collapsed in Australia, leaving workers in limbo. Last year, the South Australian government placed the debt-ridden Whyalla steelworks into administration, with the Tahmoor Coal mine in New South Wales and Liberty Bell Bay manganese smelter in Tasmania the latest dominoes in Mr Gupta's empire — known as GFG — to fall.