Addendum
UK Court hearing for Kingfisher’s “king of good times”
May 1st 2017
Indebted founder of defunct Kingfisher Airlines, V.J. Mallya, faces a case management hearing in the U.K.’s Westminster Magistrate’s Court on May 17, following his arrest and subsequent release on bail of US$840,000 on April 18. Read More »
London police arrested the “king of good times” at his mansion north of London on behalf of the Indian authorities seeking his extradition and trial in India for fraud.
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Mallya, whose Kingfisher Airlines collapsed in 2012, denied any money laundering operations and said: “I firmly believe they have no case against me whatsoever. Let the law take its own course”, and added he was being used as a political football by India.
The former Indian MP fled India on March 2 last year and entered the UK on a valid British passport. Since then, he has refused to return of his own volition and denies he owes banks and other lenders $1.4 billion.
He is being pursued by India’s Central Bureau of Investigation and the financial crimes agency, the Enforcement Directorate. India revoked his passport in April 2016 and commenced extradition proceedings a month later.
The scion of the founder of the gigantic Indian United Brewer Group, the 61-year-old argued he would not receive a fair hearing in India. He offered to pay $680 million to settle his debts with lenders but the offer was declined.
Last month Kingfisher Villa, a sprawling estate in North Goa where Mallya hosted extravagant parties, was finally sold to actor and businessman Sachiin Joshi. Funds from the sale will be put towards settling loans owed to Mallya’s financiers.
The former chairman of Kingfisher Airlines also owned a Formula 1 racing team, Force India, and Indian Premier League cricket team, the Royal Challengers Bangalore. Kingfisher Airlines was the first Indian carrier to order the A380.
He sold his brewing company to global drinks conglomerate, Diageo, but was later removed as a director of the company. He was due to receive $75 million from Diageo, but the payment was blocked by the Indian government.
