The younger brother of the world’s richest steel magnate Lakshmi Mittal, Pramod Mittal is now 2.5 billion pounds in debt. According to reports, this makes him the most bankrupt person in the United Kingdom.
Pramod who is 64 years old, owes around 170 million pounds to his father who is 94 years old. According to reports Pramod also said that he also owes 2.4 million pounds to his 30-year-old son Divyesh, 1.1 million pounds to his wife Sangeeta, and another 1.1 million pounds to his brother-in-law Amit Lohia.
Pramod who claims no income holds assets such as 66669 pounds worth shares, 45 million pounds worth property in India, and 7,000 pounds worth jewelry. He further says that his family home is under an offshore company. He apparently has no financial interest in that offshore company.
Lakshmi Mittal Not Bailing Out Brother Pramod Mittal This Time
According to reports, Lakshmi Mittal is not bailing his brother out of the mess this time.
Pramod’s economic slump and decline began in the year 2006. This was when he signed his Global Steel Holdings as a guarantor of debts for Bosnian coke producer GIKIL. GIKIL failed to repay the money and were pursued by Moorgate Industries. Moorgate then obtained the bankruptcy order.
Moorgate took the proceedings to the Commercial Court seeking 166 million dollars from Pramod. Pramod after this reached a settlement with Moorgate where he agreed to make payments in part-satisfaction of a reduced sum.
Failing to meet these settlement terms, bankruptcy proceedings against Pramod were initiated. Judge Catherine Burton in June 2020 issued an order for a debt of 139,786,656.43 pounds plus interest against Pramod Mittal.
Pramod is now proposing to pay 0.18 pence for every pound that he owes.
Pramod is the chairman of Ispat Industries Limited. It is now popular as JSW Ispat Steel. The younger brother of Lakshmi Mittal, he apparently spent 82 million dollars on his daughter’s wedding in Barcelona.
The Supreme Court of India dropped charges against him in March 2019 after he paid money that he owed to a public sector enterprise.
The Indian steel magnate, CEO, and chairman of ArcelorMittal, Lakshmi Mittal has shown the meaning of Indian brotherhood to the world by paying off his brother’s debt.