How does anyone end up going bankrupt with debts of over 2.5 billion, never mind if youre the brother of one of the worlds richest men? The answers include some of the usual business explanations; this was all about the risks of bad timing, betting big on commodity prices and signing unlimited personal guarantees.
Pramod Mittal is the younger brother of Lakshmi Mittal, whose personal fortune is variously estimated to be close to 7 billion. Like his brother, Pramod Mittal has spent his career in the steel industry following in the footsteps of their father, who started a business in the sector in 1950.
Things started to go wrong following the global financial crisis in 2008, when a sharp drop in demand for steel devastated the price worl…
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