Indian Billionaire Pramod Mittal released with 12.5 million Euros Bailout

The Cantonal Court in Tuzla issued a decision accepting bailout in amount of 3 million BAM and 11 million Euros in property claims for Pramod Mittal, Rajib Dash and Paramesh Bhattacharyya, which will release them.

The Cantonal Court in Tuzla has imposed prohibiting measures of relating to the performance of functions in GIKIL, which was damaged from 2006 to 2015 by 21 million BAM, which was withdrawn from the company.

The court did not impose measures prohibiting movement, even though they were foreign nationals. A few months ago, former GIKIL director Debashish Ganguly escaped from BiH even though there was a warrant issued for him.

“If the suspect escapes, the decision will stipulate that the value given as a security is the revenue for the Federal budget,” the decision of the Tuzla Cantonal Court says.

On July 24th, Businessman Pramod Mittal — the younger brother of steel magnate Lakhsmi Mittal — was arrested Tuesday in Lukavac, 140 kilometers north from Bosnia and Herzegovina’s capital Sarajevo, local authorities said Wednesday in a statement. Mittal, 63, chairman of the Global Ispat Coke Industry Lukavac (GIKIL) and its co-owner, was arrested on suspicion of illegally funneling money from GIKIL to private accounts, the Tuzla Canton Ministry of the Interior (MUPTK) said in the statement.

Mittal was arrested together with a member of Supervisory Board Rajib Dash (48) and GIKIL General Director Paramesh Bhattacharyya (56), both citizens of India.

“We doubt that, from 2006 to 2015, a total of 21 million KM (12 million U.S. dollars) have been drawn through management contracts, for which the funds were unfounded,” acting prosecutor Cazim Serhatlic said at a press conference on Wednesday, adding that many alleged criminal acts were reported to the prosecutor’s office by GIKIL employees.

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