Get all your news in one place.
100's of premium titles.
One app.
Start reading
International Business Times UK
International Business Times UK
Business
Niloy Chakrabarti

Lavish CEO Lifestyle Linked to First Brands' $2B Collapse

First Brands founder had a history of lawsuits. (Credit: Hebert Santos/Pexels)

Patrick James immigrated to the US from Malaysia in the 1980s to attend a college in Ohio. He went on to build an auto-parts empire with thousands of workers and generate billions of dollars in sales by expanding through the acquisition of smaller companies.

However, his First Brands Group filed for bankruptcy after disclosing that over $2 billion (£1.4 billion) was unaccounted for. New directors worked with forensic accountants to investigate the mismatch in First Brands' financing arrangement.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.