“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.