Vijay Mallya proposal to pay 100% “public money”

Vijay Mallya’s proposal to pay 100% 'public money', says UK extradition to take their legal course

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vijay mallya

Vijay Mallya’s proposal to pay 100% ‘public money’: In London, on Wednesday, the fugitive liquor baron appealed to various Indian banks to accept his offer of paying back 100 percent of the principal loan amount he owes to them, days ahead of a UK court’s decision on his request of not sending him to India by force.

The 62-year-old Kingfisher Airlines owner, who is on bail in the UK on extradition warrants since his arrest in April last year, is fighting extradition to India against the charges of fraud and money laundering having a sum of around 9,000 crores.

In a succession of tweets, the fighting businessman said that the lump sum loan he took from banks went into keeping his now-extinct Kingfisher Airlines afloat (drifting) despite high jet fuel prices.

As per Vijay Mallya, “Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. the losses increased and that’s where Banks money went. I have offered to repay 100 percent of the principal amount to them. Please take it (sic).”

Vijay Mallya also demanded that his vast liquor empire, the United Breweries, contributed “handsomely” to the state exchequer (funds).

He further said, “Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it.”

He then added, “Politicians and the 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.”

“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 percent back. I humbly request the banks and Government to take it,” he said.

After supposed AgustaWestland VVIP chopper deal middleman Christian Michel was brought to India from Dubai, the first successful extradition since India initiated similar proceedings against economic offenders like Mallya, Nirav Modi and Mehul Choksi and Mallaya’s tweets came in few hours.

A dominant at the end of Mallya’s extradition trial at Westminster Magistrates’ Court in London is expected on December 10.

The purpose of the extradition trial opened in London court on December 4 last year is – presenting the first case of fraud against Mallya and to establish that there are no bars to him being extradited to face Indian courts over the allegations relating to loans made out to his now-extinct Kingfisher Airlines.

In different legal proceedings, Vijay Mallya had lost his appeal in the UK’s court of Appeal against the High Court order in favor of 13 Indian banks, which was about to recover the amount of about 1.145 billion pounds.

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