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Pramod is the brother of one of the richest people in India – Lakshmi Mittal. While Lakshmi is still one of the richest people in the world, Pramod, who has always been followed by affairs, went bankrupt a few years ago and is now hiding from justice
The cantonal court in Tuzla confirmed on Thursday the indictment against the Indian businessman Pramod Mittal for misappropriation of around 33 million euros in the base industry company, but he is currently unavailable to our authorities.
The Cantonal Prosecutor’s Office in Tuzla accused Pramod Mittal and two other people of extracting money and non-payment of obligations and destroying the company GIKIL from Lukavac, in which Mittal’s company Global Steel Holdings Limited-London (GSHL) has been the majority co-owner since 2003.
The defendants are accused of favoring the majority co-owner, the GSHL company, from 2003 to 2019, in avoiding investing around 23 million euros in GIKIL, and in the meantime, on the basis of external management contracts, they extracted around 11 million euros from the coke factory.
Who is Pramod Mittal
Pramod is the brother of one of the richest men in India – Lakshmi Mittal. While Lakshmi is still one of the richest people in the world, Pramod, who has always been followed by affairs, went bankrupt a few years ago and is now hiding from the judiciary, writes BiznisInfo.ba.
As Forbes wrote two years ago, it was Pramod Mittala’s business in BiH that pushed him into bankruptcy. This stems from the fact that he was the guarantor for the debts of GIKIL, in which he was the chairman of the advisory board. In 2013, when GIKIL failed to repay a debt of 166 million dollars to the British giant Stemcor, the company initiated proceedings against him.
These debts were later taken over by a company called Moorgate Industries after Stemcor was restructured.
Meanwhile, the debt, thanks to interest, has grown to an incredible amount of over two billion dollars. Since Pramod could not return that money, in 2020 he officially declared bankruptcy in London.
He spent 82 million dollars on his daughter’s wedding
At one time, Pramod lived the same life as other world billionaires. Then he made headlines around the world after spending $82 million on his daughter’s wedding.
His older brother is Lakshmi Mittal, chairman and CEO of the world’s largest steelmaker Arcelor Mittal. Lakshmi, according to Bloomberg’s list, is currently the 82nd richest person in the world with a fortune of about 20 billion dollars. BiznisInfo.ba remembers that Lakshmi is also the owner of one of the largest companies in Bosnia and Herzegovina – Arcelor Mittala in Zenica.
Lakshmi used to bail out his troubled brother from financial problems. He once paid off most of Pramod’s $290 million debt to the State Trading Corporation of India. This then enabled the brother to avoid criminal proceedings in the Supreme Court.
But after Pramod declared bankruptcy in London in 2020, Lakshmi refused to intervene. A source told The Times at the time that the brothers are no longer close and live separate lives. Lakshmi, reportedly, does not see why he should be financially responsible for his brother.
They competed in luxury
The brothers reportedly first fell out in 1995 when Lakshmi opposed his father Mohan Lal Mittal’s wishes to spin off the international division of the family steel company into a separate firm.
Despite the two brothers later living opposite each other in London, they remained estranged. Although this mostly took place behind closed doors, it entered the public consciousness after information about their daughters’ weddings.
Rumor has it that Lakshmi shelled out $60 million on a six-day wedding in Paris for his daughter’s wedding. The family flew 1,000 guests by private plane to a dinner at the Palace of Versailles prepared by selected chefs from India. After the ceremony took place in the 17th century château, Kylie Minogue was the star of the reception, giving a private concert accompanied by fireworks at the Eiffel Tower.
Pramod wanted to surpass that, so an incredible 82 million dollars was spent on the wedding of his daughter Shristi at the National Museum of Catalan Art in Barcelona in 2012.
Left without everything
However, after dubious and wrong business decisions, Pramod lost his fortune.
– It is assumed that Pramod Mittal lost huge amounts of money in a complex business deal in Bosnia, which is being investigated for its connection with organized crime – the British “The Times” reported a few years ago.
Given that he is not available to BiH authorities, it can be said that he is currently a fugitive.
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