Raj Bagri
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This article is part of the Mining and Metals project of Spinwatch |
Raj Kumar Bagri, Baron Bagri, became infamous for renouncing his House of Lords Peerage in return for his non-dom tax status. He is a metals magnate and former Chairman of the London Metal Exchange. He was awarded the CBE in 1995. Raj Kumar Bagri is the father of Apurv Bagri, Managing Director of Metdist.
Contents
Metals Magnate
LME Chairman and Windfall
Bagri was Chairman of the London Metal Exchange until 2002, though he retains a 9.4% stake of LME through his Metdist Ltd. and Metdist Trading Ltd. holdings.[1]
The sale of the LME in 2011 is epxected to land Bagri with a windfall earning of £90m.[2]
Mining Assets
Bagri hold multiple major metals assets, though they tend to keep a low public profile. These include: Metdist | Minmetco
A Billionaire Lord who Refused to Pay Taxes
Bagri renounced his peerage in 2010 in order to escape paying resident taxes, having been a Conservative Peer from 1997 onwards. Whilst still retaining his title, Lord Bagri chose to retain his Non-Dom status over House of Lords membership.[3]
His former Regent's Park home, acquired for £5.9m in 1994 and redesigned by Quinlan Terry, fetched £120m on sale in November 2011—making it the most expensive single property ever sold in the UK.[4]
Affiliations
- Prince's Trust - Advisory Committee member
- Bagri Foundation - Chairman
Notes
- ↑ Nicholas Larkin and Agnieszka Troszkiewicz, 'London Metal Exchange Takeover Bids Mean Most Is at Stake for Goldman, UBS', Bloomberg, 28 September 2011, accessed 24 November 2011
- ↑ Anna Mikhailova and Maurice Chittenden, 'Non-dom Tory peer to net £100m in house sale', The Sunday Times, 20 November 2011, accessed 24 November 2011
- ↑ Andy McSmith 'A peerage? I'd rather give it back and cut my tax bill', The Independent, 7 July 2010, accessed 24 November 2011
- ↑ Ashis Ray, 'NRI tycoon sells London home for whopping £120m', The Times of India, 21 November 2011, accessed 24 November 2011
