A member of the mega-rich Mittal family, who had once spent £ 50m on his daughter's wedding, was declared bankrupt with £ 130m in debt after the Bosnian company he acted as guarantor for links to organized crime was involved in an investigation.
- Pramod Mittal, 64, is the brother of Lakshmi Mittal, 70, is valued at £ 6.78 billion and heads Arcelor Mittal, the world's largest steelmaker
- Pramod is known for hosting an extravagant £ 50m wedding for his daughter in Barcelona in 2013, serving a £ 132 cake to guests
- The bankruptcy of Pramod Mittal results from his work as a guarantor for the debts of Global Ispat Koksna Industrija Lukavac (Gikil), a Bosnian coke producer for steel production
- In July last year, Mr Mittal was arrested in Bosnia as part of an organized crime investigation in Gikil
One of Britain's richest men, who spent £ 50m on his daughter's wedding, has been reportedly declared bankrupt. The debt was over £ 130m.
The 64-year-old Pramod Mittal is said to have lost the money after getting involved in an organized crime investigation, The Times reported.
Mr. Mittal's brother is Lakshmi Mittal, the 19th richest man in Britain who owns a £ 300m mansion in Mayfair and is the boss of Arcelor Mittal, the world's largest steelmaker.
Lakshmi Mittal, second from left, and his brother Pramod, far right, whose daughter Shristi had the most expensive wedding in the world
But the 70-year-old, valued at £ 6.78 billion, is unwilling to save his younger brother after the two previously argued about their father's alloy empire.
A source told The Times: “They are no longer close and live a separate life. Lakshmi doesn't see why he should be financially responsible for his brother. This guilt has nothing to do with him. & # 39;
Pramod Mittal became known after an elaborate ceremony for his daughter Shristi at the National Museum of Catalan Art in Barcelona in 2013.
A three-day party followed, and a 500-pound wedding cake was served to the 500 guests.
His rival brother Lakshmi is said to have injected £ 40m at his daughter Vanisha's wedding at Versailles Castle in 2004, at which Kylie Minogue gave a performance when fireworks were triggered on the Eiffel Tower.
According to The Times, Pramod Mittal's bankruptcy was due in 2006 to guaranting the debt of Global Ispat Koksna Industrija Lukavac (Gikil), a Bosnian coke producer used in steelmaking.
Shristi Mittal (center) is coming to her wedding to Gulraj Behl, which took place in 2013 at the Museo Nacional de Arte de Catalunya
Mr. Mittal was followed by Stemcor of London when he failed to pay the $ 166 million owed in 2013.
Stemcor separated its non-trade related businesses – including Mr. Mittal's guarantee – into a separate company, Moorgate Industries, which was granted bankruptcy filing at the Bankruptcy and Corporate Court.
In July last year, Mr Mittal was arrested in Bosnia as part of an organized crime investigation in Gikil.
He was later released on bail of one million euros, but the investigation is ongoing.
Michael Swangard and Duncan Lockhart, lawyers at Moorgate, told The Times: “Mr. Mittal's bankruptcy is a significant step forward for Moorgate in a long and arduous process to recover significant amounts of money that Mr. Mittal and several of his affiliates owe him to have . & # 39;
Pramod Mittal's lawyer, Richard Viegas, informed the newspaper that a “complex company matrix” had led to the bankruptcy filing and he was filing an appeal.
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