Lakshmi Mittal’s brother Pramod Mittal has been declared the most bankrupt man by the High Court of London as he reportedly owes £2.5 billion to various people, including his father, wife, son & brother-in-law. His brother Lakshmi Mittal, CEO of steel magnate ArcelorMittal is one of the most richest men in the United Kingdom, in India & in the world as well.
The Mittals began their business in India & then spread to several locations. ArcelorMittal is headquartered in the Netherlands.
In 2013, Pramod Mittal came to news from spending fifty million pounds, equivalent of Rs 505 crore, for his daughter Srishti’s wedding with a Dutch-born investment banker, Gulraj Behl.
In a statement as reported by the news agency, Mittal said, “I have no personal income. My wife is financially independent from me. We have separate bank accounts & I have very limited information regarding her income. My personal expenditure of approximately 2,000 pounds to 3,000 pounds per month is mainly met by my wife & family. The legal costs of my bankruptcy are being met by another third party.”
In 2006, Pramod agreed to become a guarantor for debts of a Bosnian coke producer named Global Ispat Koksna Industrija Lukavac (GIKIL), which started his downfall. The company failed to repay $166 million. In 2019, he was arrested in Bosnia for suspected fraud & abuse of power.
In India, Pramod is facing a money-laundering investigation for suspected fraud of Rs 2,200 crore with the State Trading Corporation
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Picture Source : https://www.orissapost.com/indian-businessman-pramod-mittal-two-others-handed-one-month-detention-in-bosnia/
