Skip to content
Search

Latest Stories

Indian business tycoon Pramod Mittal remains in Bosnian custody  

INDIAN industrialist Pramod Mittal, the younger brother of steel magnate Lakshmi Mittal, is to remain in custody in Bosnia for at least a month following his arrest for suspected fraud, a prosecutor said Friday (26).

A judge in the court of Tuzla in the northeast of the country "has ordered that the three people under investigation remain in custody for a month," prosecutor Cazim Serhatlic told.


The probe is into the suspicious transfer nearly €11 million from the bank account of a coking plant between 2006 and 2015, prosecutors had said on Wednesday (24).

Pramod Mittal, the 62-year-old head of the supervisory board of GIKIL which operates a coking plant in the northeastern town of Lukavac, was arrested on Tuesday (23).

Two other company officials - general manager Paramesh Bhattacharyya and another member of the supervisory board were also arrested.

The detention request was made in view of the "flight risk, repetition of criminal acts, and breach of public order," said prosecutor Serhatlic.

GIKIL was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK).

In operation since the 1950s, the coking plant employs around 1,000 people.

Serhatlic has said that if found guilty the suspects could be jailed for up to 45 years.

Lakshmi Mital, the CEO of global steel giant ArcelorMittal, has bailed out his cash-strapped brother Pramod in India.

Pramod Mittal owns several companies in the Balkans.

(AFP)

More For You

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less