E India CA

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‘Please take it’: Vijay Mallya offers to ‘repay 100%’ to banks

vijaymallya-kozB--621x414@LiveMintBusinessman Vijay Mallya, undergoing extradition trial in a UK court over fraud and money laundering charges by Indian authorities, has offered to pay back “100% of the principal amount” owed to banks. In a series of tweets, Mallya, said: “I am offering to pay 100% back. I humbly request the banks and government to take it.”

In another tweet, Mallya, who had fled to the UK in March 2016, said: “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.”

In his tweet, he said that due to higher crude prices losses had mounted in the now-defunct Kingfisher Airlines. “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.”

Mallya, who remains on bail on an extradition warrant executed by the Scotland Yard last year, is fighting extradition to India on charges of fraud and money laundering.

Mallya had earlier claimed that he made two settlement offers to the banks when proceedings were filed by them in the Supreme Court but both the offers were rejected by the banks.

Mallya had in the past said that he had become the “poster boy” of bank default and a lightning rod for public anger. “I have been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA). Some of the lending banks have also labelled me a wilful defaulter.”


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