Fugitive Businessman Vijay Mallya in a series of tweets has brought to fore a settlement offer for repayment of the principal amount he owes to various Public Sector Banks in India. This comes hours after the extradition of the wanted fugitive and middleman in the Rs 3,600-crore AgustaWestland chopper deal, Christian Michel from UAE to India.
The Indian government has been trying hard to extradite Vijay Mallya after he ran away to the UK on March 2, 2016. Mallya faces charges of defaulting on loans to the tune of Rs 9000 crores. The extradition trial which began at the London court on December 4 last year, is aimed at proving fraud case against Mallya and convincing the court that he will be subject to a fair trial in the country.
Politicians and 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. Sad.
— Vijay Mallya (@TheVijayMallya) December 5, 2018
In June, Mallya had made similar claims by releasing his letter written to Prime Minister Narendra Modi and said he was making every effort to settle his dues to banks but he had been made the Poster Boy of bank default.
In his series of Tweets, the liquor baron said that the now-defunct Kingfisher airlines incurred huge losses because of the soaring prices of Aviation Turbine Fuel(ATF). He also said at the time airline was operational crude price ascended to $140/barrel, which became a deterrent for the functioning of the airline. Mallya offered to pay the principal amount of loan to banks and asked them to accept it.
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.
— Vijay Mallya (@TheVijayMallya) December 5, 2018
He also emphasised his ‘contribution’ of thousands of crores to the State exchequer made by his alcoholic beverage company (United Breweries Group). He assertively also denied any connection between his settlement offer and speculations about his extradition. He said that two are separate legal proceedings. He added that public money is of utmost importance and he is willing to make a ”100%” repayment.
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% back. I humbly request the Banks and Government to take it. If payback refused, WHY ?
— Vijay Mallya (@TheVijayMallya) December 5, 2018
There were reports that Mallya is reiterating the settlement offer and claiming innocence as his extradition verdict is soon to be announced, Mallya claimed that his settlement offer has been there since 2016.
In October, London court had ordered the confiscation and selling of 6 highly expensive cars in possession Mallya’s possession to repay Indian Consortium of Banks.
Last month, Mallya had suffered a setback in his quest to save his luxurious residence in London from foreclosure by Swiss bank UBS.
On 31st July this year, UK court had asked Indian authorities to submit a ‘step by step video’ of the prison where Mallya would be kept. CBI had submitted nearly 10 minute-long video, about the conditions of the prison where Mallya would be kept in. Mallya’s next hearing is on 10 December at Westminster Magistrates’ Court in London.
