A dispute over a Nigerian oil deal between the chairman of
ArcelorMittal and the owner of a food company with a turnover of
200 million pounds ($300.7 million) is due to come to court.
Moni Varma, owner of Veetee Rice, claims to have set up the deal
for Lakshmi Mittal, chairman of the world's largest steel company,
ArcelorMittal, according to a report in the U.K.'s Sunday Times
newspaper. The deal saw Mittal awarded two oil exploration blocks
in Nigeria in 2006.
Mr. Varma says that, in a verbal agreement, Mr. Mittal promised
him a share of the profits as a reward for his role in brokering
the deal. Mr. Mittal says no such arrangement was made. The Sunday
Times cites court documents, as well as statements from the main
players. It also says that the two men used to be friends.
The two men allegedly discussed the deal in 2005, before flying
to Abuja, Nigeria, together later that year for a meeting with
President General Olusegun Obasanjo.
Full report:
http://www.thesundaytimes.co.uk/sto/news/uk_news/People/article1224151.ece
Write to Cassie Werber at cassie.werber@dowjones.com