Hindujas
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The Hinduja brothers — Srichand (SP)(born 28 November 1935), Gopichand (GP)(born 29 February 1940) based in London, Prakash (PP), based in Geneva and Ashok (AP), based in Mumbai — are an Indian business family. According to the Sunday Times Rich List they are worth 6.2 Billion Pounds (Approximately 12.4 Billion Dollars). They are involved with many businesses, in various parts of the world. The Hinduja brothers have stakes in global finance, telecommunications, film and oil (Gulf Oil) businesses.
Srichand and Gopichand moved to London in 1979 to develop their father's export business. They did gain considerable success and are now estimated to be the most successful self-made Indian immigrants in Britain after Lakshmi Mittal.
Their Hinduja Foundations are significant contributors to charitable activities around the world, including the contribution of $4 million to the University of Cambridge to pay for scholarships for low-income students and a £m investment with the Duke of Edinburgh Award.
The Hinduja Group is an investment and banking group and has activities across three core areas: Investment Banking, International Trading and Global Investments.As part of its Global investments, the Group owns businesses in Automotive, Information Technology, Media, Entertainment & Communications, Banking & Finance, Infrastructure, Project Development, Chemicals & Agri business, Energy, Real Estate and Healthcare. [1]
Hinduja group's Mauritius-based company is named Kumbat
Ashok Leyland, an Indian-based flagship company of the brothers' Hinduja Group, announced an agreement to supply 100 army vehicles to the Sudanese Defence Ministry. It was alleged by arms campaigner Mark Thomas that this contravened UK arms export legislation, as a number of the company's directors are UK residents or citizens [1].
In the summer of 2006, the four brothers acquired one of London’s most expensive and sought-after properties, previously owned by the Queen. The brothers paid £58 million for a 100-year lease on the 60-room property at Carlton House Terrace on the Mall, and plan to spend another £40 million to 50 million converting it for use by their joint families.
On completion, its value will outstrip the £70 million Kensington Palace Gardens home of fellow Indian-born billionaire Lakshmi Mittal
While the family was listed as the 95th richest in the world in Fortune Magazine in 1992 and 1993, they are no longer listed in Fortune or Forbes since the family is based in 3 different countries. Only one of the 4 brothers currently resides in India. According to the 2008 Sunday Times Rich List, "Sri and Gopi Hinduja" are the 4th richest people in London.
[edit] Corruption charges and acquital
In connection with the $1.3bn sale of 400 Howitzers to the Indian Government in 1986, Swedish firm Bofors was alleged to have paid illegal bribes to Government officials and politicians.
Srichand, Gopichand and Prakash Hinduja were wanted in connection with the case, and Indian prime minister Rajiv Gandhi also came under suspicion. The three brothers took foreign nationality, Srichand and Gopichand settling in Britain, and Prakash in Switzerland.
In 2005, the High Court in Delhi threw out all charges against Srichand, Gopichand and Prakash Hinduja citing lack of evidence.
The case had been brought by India's CBI but the court said documents central to the prosecution case were "useless and dubious" since their provenance could not be verified.
Judge RS Sodhi said: "I must express my disapproval that 14 years of trial and 2.5bn rupees ($57m) of public money was spent on the case. It has caused huge economical, emotional, professional and personal loss to the Hindujas." [2]
[edit] See also
- Bofors scandal
- Hindujagate
- Millennium Dome
- Iran-Contra
