In a major setback to fugitive industrialist and liquor baron Vijay Mallya, the High Court in London today ruled in favour of Swiss banking giant UBS to take possession of his Central London house.
The judicature had issued an order asking him to pay a hefty amount of 88,000 pounds to UBS Investment Bank, which had issued £20.4 million in the mortgage loan for his London property.
The property was referred to in the UK High Court as a “high-class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests”.
While a trial in the case has been set for May next year, the High Court yesterday ruled on the UBS’ application to strike out parts of the defence and found substantially in favour of the bank.
Meanwhile, back in India, the Bombay High Court dismissed a plea filed by Vijay Mallya seeking a stay on a request made by the Enforcement Directorate (ED) to declare him a fugitive economic offender and confiscate his properties.
The ED had filed an application before a special Prevention of Money Laundering Act (PMLA) court seeking the ‘fugitive’ tag for Mallya under the Fugitive Economic Offenders’ Act, 2018.