Man Who Spent Millions on Daughter’s Wedding Goes Bankrupt
Mittal told the court he had no personal income and owned property worth £45 in Delhi
WEB DESK: It is said that wise are those who spend sanely but a man who spent extravagantly on her daughter’s wedding has been declared bankrupt by a court.
Pramod Mittal, who is the brother of Indian steel giant Lakshmi Mittal, was declared as bankrupt by London’s Insolvency and Companies Court, with an estimated debt of more than £130 million to his name.
Mittal’s fortune began to nosedive after he agreed to become a guarantor for debts of a Bosnian coke producer named Global Ispat Koksna Industrija Lukavac (GIKIL) nearly 14 years ago. However, the company failed to repay $166 million.
Mittal claims that he is indebted to his family members. He told the court that he owed about £170 million to his father, about £1.1 million to his wife Sangeeta, £2.4 million to his son Divyesh and about £1.1 million to his brother-in-law.
Further, Mittal told the court that he had no personal income and just owned property worth £45 in Delhi, India.
The UK-based businessman came into the limelight when he spent a whopping £50 million on her daughter’s marriage in 2013.
Mittal has had a history of landing in trouble with the authorities when he was arrested in Bosnia last year along with two employees of his company in an alleged fraud case. The millionaire is also facing an anti-money laundering probe in India.
