Skip to content
Search

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

Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less
Bank-of-England-Getty

The BoE also revised its economic growth forecast for 2025, reducing it by half. (Photo credit: Getty Images)

Bank of England cuts rates, lowers growth outlook

THE BANK OF ENGLAND (BoE) has cut interest rates by 0.25 percentage points to 4.5 per cent, with some policymakers supporting a bigger reduction to counter economic slowdown. However, the central bank signalled a cautious approach to future cuts, citing inflation concerns and global uncertainty.

The BoE also revised its economic growth forecast for 2025, reducing it by half. Chancellor Rachel Reeves, who has been advocating for faster economic growth, faces a challenge as inflation is now projected to be nearly double the 2 per cent target this year.

Keep ReadingShow less
Indian billionaires and tech titans shake up English cricket with major investments in The Hundred

The Oval Invincibles, now co-owned by Mukesh Ambani, are two-time defending champions in the men’s 100-ball competition

Indian billionaires and tech titans shake up English cricket with major investments in The Hundred

INDIAN billionaires and Indian American tech tycoons are among new owners of franchises in the Hundred cricket league.

Mukesh Ambani, Nikesh Arora and Sanjiv Goenka have in recent days invested in English cricket by acquiring a minority share in some of the Hundred teams.

Keep ReadingShow less
Bank-of-England-Getty
A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England set to reduce interest rate amid weak growth

THE BANK OF ENGLAND is expected to cut its key interest rate on Thursday as it seeks to support weak economic growth, even though inflation remains above target.

Analysts predict the central bank will reduce borrowing costs by a quarter point to 4.50 per cent at its first rate meeting of the year.

Keep ReadingShow less
OYO to boost UK presence with £50m investment

OYO operates more than 200 budget hotels across 65 UK cities

OYO to boost UK presence with £50m investment

OYO, a hospitality technology company, aims to invest £50 million in the UK over three years to expand its premium hotel portfolio, supporting 1,000 jobs in the hospitality sector.

The company is upgrading its UK portfolio by acquiring premium inventory and securing longterm leasehold and management contracts. OYO is in advanced talks with large hotel chains and real estate firms for asset management deals, the company said in a statement released to Indian media.

Keep ReadingShow less