George Muthoot in Forbes Asia rich list, calls him the ‘Indian Billionaire’

Written By: on Nov 2nd, 2011 and filed under Diocese News, Features, MGOCSM, News.

George Muthoot in Forbes Asia rich list, calls him the ‘Indian Billionaire’
Ahmedabad Diocese under Dr Geevarghese Mar Yulios felicitates George

BARODA : For Malankara Orthodox Syrian Christians, George Muthoot is a well-known personality as the Malankara Sabha Trustee. However, in the recent issue of Forbes Asia Magazine dated November 07, 2011, M G George Muthoot and his Group, has been featured exhaustively on its cover titled ‘Indian Billionaire George Muthoot’s Pot of Gold’

The feature by Saritha Rai, a well-known Bengaluru-based journalist with the blurb which reads: ‘M G George Muthoot is a billionaire from lending against the yellow metal to Indians, the world’s biggest hoarders.’

The recently held MGOCSM Ahmedabad Diocese Annual Conference 2011 from October 26-28 at Vadodra saw the felicitation of Metropolitan Geevarghese Mar Coorilos, Diocese of Mumbai and, Malankara Sabha Trustee, M G George Muthoot by Metropolitan of Ahmedabad Diocese Pulikkottil HG Dr Geevarghese Mar Yulios.

At the function, Dr Mar Yulios held afloat a copy of the Forbes Asia magazine and felicitated the veteran businessman and God fearing man by draping him with a shawl.

The theme of the 3-day meet was based from Proverbs 22:28 — Do not move an ancient boundary stone set up by your forefathers. The Forbes feature traces the roots of George Muthoot, 62, the bespectacled chairman who presently heads the third generation of the Muthoot business clan.

It notes that the May listing of Muthoot Finance, in which he holds 80 per cent along with three brothers, has earned him a spot for the first time on the Forbes Asia rich list. As the eldest and group head, he’s ranked at number 50 with a fortune of $1.1 billion.

This mechanical engineer oversees Muthoot’s strategy and expansion from New Delhi, while his three siblings man the southern post in Kochi. The Muthoots are one of the wealthiest business clans in Kerala. The group was founded by Muthoot Ninan Mathai, M G George’s grandfather, in 1887. Investors recently panned for shares of Muthoot Finance, which were 24 times oversubscribed.

The feature also notes about the Muthoots who belong to Kerala’s land-owning Syrian Christian community, who believe they are direct descendants of St Thomas, one of the apostles of Christ. M G George Muthoot is a trustee of the Malankara Orthodox Church, an influential position in the community. The company’s branches countrywide start work each morning with a prayer.

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8 Responses for “George Muthoot in Forbes Asia rich list, calls him the ‘Indian Billionaire’”

  1. @ Mr. Abraham,

    Whatever I have said about Mr. George Muthoot, the present Malankara Orthodox Sabha Trustee, is a well known fact to many people in the church and I stand by it. In the present context, it is also true that only rich people like Mr. George Muthoot can influence the people and win over the church post!

    However, it is news that Mr. George Muthoot is not contesting the forthcoming election and instead, Mr. Roy Muthoot of Muthoot Pappachen Group is contesting for the post! Ultimately, it is Muthoot Group, which is being benefitted!

    Thank you for reminding me about my previous comments in IOH, twisted to another form, and published in a Jaocbite blog and widely circulated in their Facebook. I can only feel sorry for such wicked people!

  2. Reni Daniel says:

    Mr George Muthoot neds to be congratulated for his growth. We have scores of people who are wealthy. WHAT ARE THEY DOING FOR SABHA. With his status as a biliionarire, he coud easily win friends from many churches and other religions. Some of us us criticising him as be taking the cause of the Sabha. While the Lord will judge anybody irrespective of his wealth and status it was cheap on the part of some people to remind Mr Muthoot of storing everything in heaven. ARE THEY DOING IT THEMSELVES?

    I heard Mr Muthoot speak in Parumala that God blessed him because of SABHA. How many of us will say that?. Our Sabha needs more people like him.

    I have one request to Mr Muthoot. Please start a MEDIA group in Kerala for our Sabha becasue we have only media people who mind their own business!

  3. Abraham says:

    The manipulated one that I was talking about…

    Comment from one particular article, and picture from another article.

  4. Abraham says:

    @Oommen Paniker

    Am not sure, if its you… or a proxy who commented in your name.

    Whatever is written here, will be in tomrrow’s ‘Vishwasa Somrakshakan’ with extra masala.

    I saw one of your previous comments here in IOH, twisted to another form, and published in a jaocbite blog and widely cirulated in Facebook.

    Pleae be careful about whatever you write in public.

  5. Hundreds of thousands of Indian politicians and businessmen are having secret accounts in Swiss Bank. Likewise , it is an open secret that many orthodox church metropolitans and high priests are having secret accounts in Muthoot Bank!

    The late Catholicose, Mathews II had a personal deposit of Indian Rs. 1.70 crore with Muthoot Bank and nobody knows where the money went after his death ! It was also news that the late Thumpamon Metropolitan, Philipose Mar Yousebiose had a personal account with Muthoot Bank, wherein he left an amount of Indian Rs. 2.50 crore, upon his death.

    It is a fact that both the above amounts are not received back by MALANKARA ORTHODOX CHURCH, on the ground that these are not church money!
    It is no wonder that Shri Muthoot George, had donated Rs. 22 lacs towards this year Catholicate Day Collection! A job well done by the Malankara Sabha Trustee!

  6. A . Mathew says:

    @ Jacob Varghese

    What have you done for poor men in your capacity?

    Before adding comments in this , please make sure that whatever you have as property and money is sold and spent for poor men .

  7. This Bishop and his diocese shows what their priority really are Will he honor a poor man in his diocese for any good deed?This is the reason the church has lost its Godliness. It has become a money making entitiy

  8. Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also. – Matthew 6:19-21

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