Mallya on UK Elec­toral Rolls: Re­port

The Economic Times - - Companies & Economy: Pursuit Of Profit -

In­dian liquor baron Vi­jay Mallya, whose King­fisher Air­lines has been ac­cused of hav­ing de­faulted on loans of over .₹ 9,400 crore and faces le­gal pro­ceed­ings, ap­pears on the elec­toral rolls in the UK with his country home in Bri­tain as his recorded ad­dress, a me­dia re­port said to­day.

The 60-year-old, who strongly re­jects any sug­ges­tion of wrong­do­ing and de­nies that he has de­lib­er­ately ab­sconded from In­dia, has been liv­ing at a three-storey man­sion called Lady­walk in the vil­lage of Tewin in Hert­ford­shire, just over a one-hour drive north of Lon­don.

Ac­cord­ing to ‘The Sun­day Times’, Mallya con­firmed that “my of­fi­cial ad­dress in the UK is at Lady­walk”, adding that he had sup­plied this in­for­ma­tion to the In­dian au­thor­i­ties.

The £11.5-mil­lion man­sion was bought from the fa­ther of Bri­tish For­mula One cham­pion Lewis Hamil­ton by a com­pany with off­shore links.

LON­DON

“The own­er­ship struc­ture of Lady­walk is per­fectly le­gal,” the news­pa­per quoted Mallya as say­ing. The use of com­pa­nies with off­shore links to buy prop­er­ties in Bri­tain has come un­der in­creas­ing scru­tiny as the prac­tice can al­low the real owner or ben­e­fi­ciary to re­main hid­den — some­times for tax pur­poses.

Such com­pa­nies col­lec­tively hold up to £170 bil­lion of the UK prop­erty, much of it in Lon­don and the home coun­ties.

Mallya, how­ever, told the news­pa­per there was no “con­ceal­ment or tax avoid­ance in­volved” and said he has been a “Bri­tish res­i­dent” since 1992.

The re­port notes that of­fi­cial doc­u­ments list the owner of Lady­walk as a limited li­a­bil­ity part­ner­ship called Lady­walk LLP. It has two mem­bers, in­clud­ing a com­pany called Con­ti­nen­tal Ad­min­is­tra­tion Ser­vices, which is reg­is­tered in St. Kitts and Ne­vis, a Com­mon­wealth country in the Caribbean re­garded as a tax haven. — PTI

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