Lakshmi Mittal

Lakshmi Nivas Mittal is the President and Chief Executive Officer of ArcelorMittal, the world's largest steel company and leader in all major global markets. Arcellor Mittal 2007 Profile He has sat on the board of directors of Goldman Sachs since 2008. Goldman Sachs, 
==Background==
Mittal founded Mittal Steel Company N.V. (formerly the LNM Group) in 1976 and was its Chief Executive Officer. Its two sister companies LNM Holdings and ISPAT International were merged in 2004 to form Mittal Steel.Arcelor Mittal 2007 History of Mittal Steel ArcelorMittal is the result of a merger in June 2006 between Arcelor - at the time the world's second largest steel company - and Mittal Steel. Arcellor Mittal 2007 History
==Political donations to UK Labour Party==
In May 2001 Mittal gave £125,000 to the Labour Party, shortly after which Tony Blair backed his bid for a Romanian firm sparking the 2002 Steelgate Row. BBC News, Politics, Mittal gives Labour £2m donation13 July, 2005 In 2005 he gave £2 million to the Labour Party, one of the largest donations ever received. His personal fortune is estimated at £19.25 billion and he is ranked the richest man in Britain and the third richest in the world. BBC News Sport, Tycoon quiet over Birmingham bid 13 June, 2007 He is known as a tough businessman who made his money from buying up run-down State-owned companies.
The GuardianThe Guardian 'Special Investigation: Tax loopholes on homes benefit the rich and cost UK millions: Choice homes, virtually tax free'. 25th May 2002 said in 2002 that Mittal had donated 125,000 to Labour. 
By 2011 Mittal's total donations to Labour stood at £5,125,000 (from 2001) according to the Electoral Commission database. 
Recorded by the Electoral Commission:
Date
Name of donor
Amount
Donated to
Subsidiary (parties only)
28/06/2001
Lakshmi Mittal
£125,000.00
Labour Party
Central Party
13/07/2005
Lakshminiwas Niwas Mittal
£2,000,000.00
Labour Party
Central Party
22/01/2007
Lakshmi Mittal
£2,000,000.00
Labour Party
Central Party
01/04/2010
Lakshmi Mittal
£1,000,000.00
Labour Party
Central Party
 Electoral Commission, Donation Search, accessed 2 March 2015 
==Tax loophole==
In a 2002 article on how 'Rich people are costing Britain millions in lost tax by not registering their houses in their own names', The Guardian reported that Mittal's second home of 17 years, 'Glenthorne' (a 93 acre coastal mansion in north Devon), was not registered as owned by him but by an offshore company called Exmoor Ltd.Evans, R & Hencke, D. (2002) 'Tax loopholes on homes benefit the rich and cost UK millions'. The Guardian, 25th May 2002. Accessed 22nd May 2008. Mittal is also reported to have 'non-domicile status', which is another loophole with the potential result that 'many wealthy people can live here virtually tax-free by claiming that their true home lies elsewhere'. The article claims that through the exploitation of legal loopholes 'wealthy individuals... appear to be enjoying the country's choicest property virtually tax-free'. The article also mentions Margaret Thatcher, Mohamed Al Fayed, Isaac Kaye, Tony Tabatznik, David Potter, Uri David, Rupert Allason, Wafic Said, Prince Bandar and Christopher Ondaatje as others who are not the registered owners of their homes and who may benefit from such a loophole.
The Guardian claimed in 2002 that Mittal's home (The Summer Palace, Hampstead, London) was worth around £9million and his fortune estimated at £1billion. It claimed that tax liabilities Mittal has potentially avoided include inheritance tax and stamp duty potentially reaching an amount of £3.8million. Mittal has non-domicile status, he is of Indian origin with houses around the world. His London home is registered with Leadon Ltd.The Guardian, ['Special Investigation: Tax loopholes on homes benefit the rich and cost UK millions: Choice homes, virtually tax free'], 25th May 2002
==Affiliations==
*Goldman Sachs Group
==Notes==
Mittal, LakshmiMittal, LakshmiMittal, LakshmiMittal, LakshmiMittal, Lakshmi