(MENAFN- Gulf Times) The chief executive of a steel company on the brink of collapse has died after falling from his penthouse flat. Angad Paul, 45, was pronounced dead at the scene in central London on Sunday morning.
His death comes after large-scale job cuts were announced at his steel company, Caparo, as administrator PwC tries to salvage the company. Some 450 redundancies were announced last month in what trade unions described as a devastating blow to the British steel industry. The future of another 1,200 jobs is uncertain. The Metropolitan police said they are not treating the death as suspicious.
Friends of Paul told of their sadness at his death. The Indian entrepreneur and columnist, Suhel Seth, tweeted: "Deeply saddened to learn of the suicide of Angad Paul in London. He was young and bright. Deepest condolences to Lord Swraj Paul and family."
Paul's father, Swraj Paul, who was born in the city of Jalandhar, north-west India, founded the business in 1968 with a £5,000 loan. In January, the Birmingham Post reported that Lord Paul's family was worth an estimated £2bn. His company has an annual turnover of more than £1bn and has interests in hotels, interior design and financial services, as well as steel, according to its website. But Caparo called in administrators last month after the collapse in steel prices and strong pound left the business struggling.
A Met spokeswoman said officers were called to an address in Marylebone just after 11am on Sunday. She said: "London ambulance service and London's air ambulance both attended and the man, believed to be in his mid-40s, was pronounced dead at the scene.
"London fire brigade was also called to the scene to assist with the recovery of the body. The man's next of kin has been informed. Enquiries into the circumstances of the incident continue but it is being treated as non-suspicious at this stage."
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