Indian-born peer and prominent businessman Raj Kumar Bagri, who was the longest-serving chairman of the London Metal Exchange, has died here. He was 86.
Lord Bagri was the first Indian-origin chairman of the London Metal Exchange (LME), which held a minute's silence yesterday, a day after his death as a mark of respect for his "dedicated service".
"As the longest-serving chairman in the LME's history, he played a crucial role in key milestones in the LME's development, including the response to the 1996 events in copper trading, the 2000 demutualisation of the LME, and the introduction of the LME's electronic trading platform.
His vision, leadership and inspiration were responsible for the world-leading and modernised LME of today. Bagri also demonstrated a strong philanthropic commitment, via his founding of the Bagri Foundation," LME said in a statement.
Bagri, who was also awarded the Commander of the British Empire (CBE) by Queen Elizabeth II in 1995 for his services to the British industry, had been actively involved in the metal trade and industry for over 58 years and began his career in India before moving to London in 1959.
The Kolkata-born metals trader went on toset up the successful Metdist metals company.
"I am proud and privileged to have known Lord Bagri for over 35 years, including serving on the board of the London Metal Exchange under his chairmanship," said Nigel Dentoom, the Chief Executive Officer of CCBI Metdist.
"His influence, determination, and success in leading the exchange successfully as chairman are embodied in its history. Both the LME and the global physical markets will sadly mourn his passing but his legacy will live on," Dentoom said.
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