Vijay Mallya ‘offers to repay 100%’ to banks

In a dramatic development, liquid baron Vijay Mallya, today, offered to repay 100 per cent of the amounts to bank. In a series of tweets, Mallya said, “Airlines struggling financially partly becoz 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 (sic).”

Interestingly, his serial of Tweets surfaced hours after Christian Michel, the alleged middleman in the Rs 3,600-crore AgustaWestland chopper deal, was extradited to India from Dubai late Tuesday night. Immediately, he was taken into custody by CBI. He seems to be fearing that he too cannot escape like Michel too long.

Further, Mallya tweeted “Politicians and Media are constantly talking loudly about my being a defaulter who has run away with PSU Bank money. All this is false. Why don’t I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court. Sad (sic).”

It may be recalled that a court in the United Kingdom ordered Vijay Mallya to pay 88,000 Pounds (Rs 80 lakh) to UBS Investment Bank, which had granted a 20.4 million-pound ($26.6 million) mortgage loan to former billionaire’s London house.The court has ordered him to pay the amount by January 4, 2019.

Earlier, the Swiss bank had applied for the possession of Vijay Mallya’s London mansion in UK High Court citing that the mortgage had not been repaid.The property, which faces London’s Regent’s Park, was being used by Mallya as his family home.

The 62-year-old former Kingfisher Airline’s boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores. Mallya has been living in Britain since March 2016. The extradition case has entered final stages with Westminster Magistrates’ Court in London likely to pronounce a verdict in December this year.


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