Breaking News

Banks not accepting 100% payback offer: Mallya


LONDON: Embattled liquor magnate Vijay Mallya took to social media on Monday to lament the cave in of Jet Airways and repeated his be offering of a "100 per cent payback" for state-owned Indian banks to hide his now-defunct Kingfisher Airlines' debt.

The 63-year-old former Kingfisher Airlines (KFA) boss is currently appealing towards his extradition order from the United Kingdom to India to stand charges of fraud and cash laundering amounting to an alleged Rs 9,000 crores.


Mallya drew parallels between the plight of his collapsed airline and that of Jet Airways, India's main non-public airline which grounded to a halt earlier this month amid a mounting cash crunch.

"Several Indian airlines collapsed sadly including KFA. Now, the previously unthinkable has happened with the collapse of Jet," Mallya said on Twitter on Monday.

"Genuine business failures. But I am criminally charged by CBI/ED despite offering 100% payback. Wonder why only me," he wondered.



His latest Twitter statements echo a few of his previous social media interventions on the factor, claiming that his be offering to pay back the debt owed via his now-defunct airline had been rebuffed via the banks and the Indian executive.

"Watched TV debate on the sad collapse of Jet which included unpaid employees and Industry veterans. Important issues on unemployment and suffering, security available to banks, prospects of revival etc. Here I am offering 100% payback of KFA loans which banks won't take. Why?" he said.



Mallya, who stays on bail on an extradition warrant accomplished via Scotland Yard in April 2017, is present process a UK top court docket appeals process towards his extradition order signed off via UK home secretary Sajid Javid in February.


He has been allotted July 2 because the date for a short lived hearing to convince a top court docket pass judgement on that he should be given permission to continue to a full-blown attraction towards Chief Magistrate Emma Arbuthnot's Westminster Magistrates' Court ruling closing December in favour of his extradition to India.


The pass judgement on had concluded there was "clear evidence of dispersal and misapplication of the loan funds" and authorized a prima facie case of fraud and a conspiracy to launder cash towards Mallya, as presented via the Crown Prosecution Service (CPS) on behalf of the Indian authorities.


Meanwhile, the businessman also faces a flurry of other prison circumstances in UK courts associated with a global freezing order and a threat of foreclosures of one of his homes in central London.




No comments