Mallya says he is ready to pay back 100%
LONDON: Insisting that he is not a defaulter, controversial businessman Vijay Mallya on Wednesday repeated his offer to repay “100%” of the principal amount owed to Indian banks by his defunct Kingfisher Airlines, wondering why the offer he has made since 2016 had been spurned.
LONDON: Insisting that he is not a defaulter, controversial businessman Vijay Mallya on Wednesday repeated his offer to repay “100%” of the principal amount owed to Indian banks by his defunct Kingfisher Airlines, wondering why the offer he has made since 2016 had been spurned.
Mallya is facing extradition from the UK to India to face charges of financial irregularities running into thousands of crore. The judgement in the high-profile case is due in the Westminster Magistrates Court on Monday.
He tweeted: “I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY?”
Mallya’s offer followed the extradition on Tuesday of British businessman Christian James Michel, the alleged middleman in the controversial AugustaWestland helicopter deal, from Dubai.
Mallya’s four tweets on the issue were a reprise of his June 26 media statement, in which he said he was tired of “relentless pursuit”, and added that his efforts to settle the loans were either ignored or misunderstood. He has reportedly submitted a settlement offer in the Karnataka high court.
Mallya flew to the UK in March 2016 as Indian banks closed in on him to recover an estimated ₹9,000 crore owed to them by Kingfisher.
Reiterating his main defence that inability to repay the loans earlier was a result of the genuine business failure of his Kingfisher Airlines, rather than dishonesty, he said: “Airlines struggling financially partly becoz of high ATF (aviation turbine fuel) prices.”
He added, “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.”
He also tweeted, “For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it.”
Mallya went on: “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 fare treatment and the same loud noise about my comprehensive settlement offer before the Karnataka high court. Sad.”
Mallya, who has often declared to London-based journalists his willingness to settle with banks, claimed in his June 26 statement he had become “the ‘poster boy’ of bank default and a lightning rod of public anger”.
Besides the extradition case, Mallya, who arrived here in March 2016, is facing recovery action against his assets in the UK brought by 13 Indian banks and another mortgage recovery action by UBS bank against his house in central London.