Billionaire Lakshmi Mittal settle “oil commission” law suite with Moni Varma

“Moni Varma and Lakshmi Mittal are pleased to announce that their differences have been resolved. They shall be making no further comment,” said a statement issued by the parties today.

Mittal, 63, Britain’s richest man and chairman and CEO of ArcelorMittal was being sued by former friend and fellow millionaire, Moni Varma – owner of Veetee Rice, over allegations that Mittal reneged on an agreement to pay fees on a major deal he brokered for him in oil-rich Nigeria.

In documents presented to the court, Varma claimed to have facilitated a deal in 2006 for Mittal to access two unexplored oil fields in the Niger Delta, and to have arranged a meeting with former Nigerian president Olusegun Obasanjo.

It is believed Obasanjo had been lined up to give witness evidence in the case.

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