Skip to content
Search AI Powered

Latest Stories

Steel magnate Lakshmi Mittal's brother held in Bosnia

Indian industrialist Pramod Mittal, the younger brother of steel magnate Lakshmi Mittal, was arrested Wednesday (23) in Bosnia for suspected fraud and "abuse of power", a prosecutor said.

The case is related to the running of a coking plant in the northeastern town of Lukavac, which Pramod Mittal has co-managed since 2003. It has a 1,000 employees.


"Police, who acted upon the order of the prosecutor, arrested the president of the supervisory board of GIKIL, Pramod Mittal," prosecutor Cazim Serhatlic told reporters.

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

The coking plant in Lukavac employs a thousand people.

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

They are suspected of "organised crime, notably the abuse of power and economic crimes," the prosecutor said.

Serhatlic said that if found guilty the suspects could get jail sentences of up to 45 years.

An arrest warrant has been issued for a fourth man "considered to be a member of this organised criminal group with Pramod Mittal on top".

The suspects will appear before a judge on Wednesday.

According to the Zurnal.info website which covers organised crime, the suspects were believed to have embezzled "at least five million marks" (2.5 million euros, $2.8 million).

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.

More For You

FCA warns against regulatory 'race to bottom' in growth push
Nikhil Rathi
TOLGA AKMEN

FCA warns against regulatory 'race to bottom' in growth push

FINANCIAL REGULATOR has cautioned against compromising regulatory standards while attempting to boost economic growth, revealing the delicate balancing act facing Britain's financial oversight.

In a frank discussion with MPs, the Financial Conduct Authority (FCA) leadership highlighted the challenges of their expanded mandate to promote business competitiveness alongside consumer protection, reported the Times.

Keep ReadingShow less
Sanjay Bhandari's extradition appeal opens in London
Sanjay Bhandari

Sanjay Bhandari's extradition appeal opens in London

SANJAY BHANDARI, a consultant in the defence sector wanted in India on alleged tax evasion and money-laundering charges, began an appeal in the High Court in London against his extradition order.

The 62-year-old businessman had won permission to appeal against a November 2022 Westminster Magistrates’ Court ruling clearing his extradition earlier this year.

Keep ReadingShow less
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)

Murdoch's bid to secure eldest son's control of media empire fails

RUPERT MURDOCH’s attempt to secure control of his media empire for his eldest son, Lachlan, has reportedly failed, according to a US news report on Monday.

The Murdoch family, which oversees influential outlets like Fox News, The Wall Street Journal, and various British and Australian media organisations, has often been compared to the fictional dynasty in the TV series Succession. Like the show, real-life disputes within the Murdoch family have centred on control of the business after Rupert Murdoch’s death.

Keep ReadingShow less
Kamlesh Pattni faces UK sanctions for illicit gold trade
Pattni stands accused of central involvement in the infamous Goldenberg scandal. (Representational image: iStock)

Kamlesh Pattni faces UK sanctions for illicit gold trade

THE UK and US have imposed financial sanctions on Kamlesh Pattni, a British-Kenyan businessman with a controversial financial history. The punitive measures target Pattni and four of his close family members, including his wife and brother-in-law, reported the BBC.

The sanctions, announced by the UK Foreign, Commonwealth and Development Office, will result in the immediate freezing of assets, representing a significant intervention in what officials describe as a complex network of illicit gold trading spanning multiple African nations.

Keep ReadingShow less
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)

India appoints Sanjay Malhotra as new central bank governor

INDIA has appointed Sanjay Malhotra, a senior finance ministry bureaucrat, as the new governor of its central bank, the Reserve Bank of India (RBI).

The announcement was made on Monday, a day before the term of outgoing governor Shaktikanta Das was set to expire.

Keep ReadingShow less