Vijay Mallya opens up to UK newspaper

Dino D'Amore
By Dino D'Amore May 3, 2016 11:29

Vijay Mallya opens up to UK newspaper

Speaking to the Financial Times newspaper, Vijay Mallya has indicated that he wants to settle with his creditor banks but “at a reasonable number that we can afford and banks can justify on the basis of settlements done before.”

Mally’s passport has been revoked, and there is a warrant out for his arrest. India’s foreign ministry is also reported to have written to the UK government requesting his deportation. He says such action will not lead to them receiving any money.

Mallya says he has no plans to leave the UK, which he described to the newspaper as “forced exile”.

Mallya claims the debts of around £900 million are an “inflated amount” and says the real amount is closer to £500 million. He says “It is grossly unjust to apply compound interest and artificially inflate this figure”, adding that his final settlement of £440million was “way, way in excess of the World Bank average for settlement of bad debts”.

In the interview, Mallya denies claims that he diverted part of a Rs900 crore loan (£90m) from IDBI Bank to Kingfisher overseas in order to purchase property, describing the charges as “preposterous”.

Mallya has blamed the political climate for the failure to reach a deal with the banks, reports the FT.

Dino D'Amore
By Dino D'Amore May 3, 2016 11:29