TWO Indian business families in the UK are on a £1 billion legal battle over a controversial iron ore contract.
Lakshmi Mittal, chairman of ArcelorMittal, the world’s biggest steel producer, is seeking £1 bn in damages from Essar Steel, which is headed by Ravi Ruia, at the London High Court.
A contract between ArcelorMittal and Essar was terminated in 2016 and the following year, ArcelorMittal was awarded £997 million in damages in an arbitration award.
Later, the High Court heard that its ruling 'remained unsatisfied' and there appeared no prospect that Ruia business was going to pay ArcelorMittal.
The court also said that Essar had acted in 'bad faith' by hiding documents and warned there was a 'serious risk' the business would try to hide properties.
Ruia’s Essar was alleged to have hidden assets through a series of fake internal transactions.
Essar company’s emails showed a 'deliberate withholding or concealment of documentation', the judge concluded.
In January this year, ArcelorMittal obtained a worldwide freezing, disclosure orders against Essar Steel and other branches of the group (Photo: Oli Scarff/Getty Images)
A spokesman for Essar said: “Essar does not agree with many of the factual findings in the ruling, however it recognises that the orders remain in place and will continue to ensure that it adheres to their terms.”
“The Essar Global holding company was not liable for the award against Essar Steel,” he added.
NS-31 astronauts celebrate at the crew capsule after a successful flight to spaceBlue Origin
Astronaut Dr. Richard Scott during training at Launch Site OneBlue Origin
New Shepard booster separates from crew capsule during NS-29Blue Origin
Astronaut Gayle King celebrates a successful mission to spaceBlue Origin
Astronaut Jesús Calleja at apogeeBlue Origin
Astronaut Elaine Chia Hyde at apogeeBlue Origin
Astronaut Elaine Chia Hyde during training at Launch Site OneBlue Origin
New Shepard lifts off from Launch Site One Blue Origin
The New Shepard booster nears touchdown during NS-29Blue Origin
New Shepard on the launch pad prior to NS-31Blue Origin