Billionaire Mittal Scores In Ukraine

KIEV, Ukraine -- On Tuesday, Ukraine’s state prosecutor dropped its case against steel giant, ArcelorMittal, owned in large part by India’s second richest man, billionaire Lakshmi Mittal.

India’s second richest man, billionaire Lakshmi Mittal.

The decision came down quickly after the case was moved to Kiev City Commercial court and a hearing set earlier this month.

The prosecutor’s office had initiated legal proceedings against the company this summer for allegedly improperly amending the agreements put in place when ArcelorMittal bought Ukrainian steel mill Kryvorizhstal for $4.8 billion in 2005.

Analysts believe the decision may have pushed from the highest levels of government. On Friday, Ukrainian president Viktor Yanukovych said ArcelorMittal would not lose the plant and that the case would not reach court.

Ukraine is also set to start a series of privatizations, and needs to boost foreign investor confidence.

Source: Forbes