Business

Vijay Mallya Offers To Repay 100% Loan Amount To Banks

 

With just five days ahead of its extradition hearing in London, fugitive businessman Vijay Mallya in a series of tweets on Wednesday has offered to pay 100 per cent loan principal outstanding against his now-defunct airline Kingfisher to banks and asserted that all the allegations against him are false. Worth mentioning here a London court finished a hearing on India’s extradition case against Mallya in September and is due to give its verdict on December 10. Mallya claimed, “The Airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it. It may be noted that Mallya’s tweets came hours after Christian Michel, the alleged middleman in AgustaWestland VVIP chopper deal, was brought to India from Dubai. It is India’s first successful extradition since the country initiated similar proceedings against Mallya, Nirav Modi and Mehul Choksi. the UK High Court issued an order asking Mallya to pay GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in mortgage loan for his London property, and ruled in favour of UBS to take possession of Mallya’s palatial Cornwall Terrace home. Mumbai special Prevention of Money Laundering Act (PMLA) court had rejected Vijay Mallya’s plea seeking a stay on hearing of Enforcement Directorate’s (ED) application to declare him a fugitive.

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