Tridents owner Mallya fighting battle to stave off creditors

MUMBAI, India, CMC – Barbados Tridents millionaire owner, Vijay Mallya, continues to be dogged by financial controversy and was yesterday fighting a legal battle to stave off creditors who are seeking to recover more than US$1.4 billion from him, following the collapse of his Kingfisher Airlines.

Indian millionaire businessman Vijay Mallya at the Caribbean Premier League player draft back in February.
Indian millionaire businessman Vijay Mallya at the Caribbean Premier League player draft back in February.

The Indian businessman has been at the centre of court proceedings, which has seen a consortium of banks trying to trying to get him to appear in the Indian Supreme Court, to deal with the matter of unrepaid debt.

However, Mallya fled India early last month and has not returned since, and is said to be currently residing in London.

Following a plea from the aggrieved banks, the Court earlier this month asked Mallya to disclose by April 21 all assets he owned, and those of his family, both here in India and overseas.

But in an affidavit filed on his behalf yesterday, Mallya argued that he was not required to provide such information, especially since he was a non-resident Indian.

“Overseas assets were not considered while granting loans,” Indian newspapers quoted Mallya as saying.

He is accused of misusing the loans granted to Kingfisher Airlines, and accumulating assets for himself and family, allegations he has denied.

Earlier this week on Monday, an arrest warrant was issued for Mallya after the Enforcement Directorate, a government law enforcement agency tasked with fighting economic crime, accused Mallya and his UB Group of using US$65 million meant for Kingfisher Airlines, to purchase properties overseas.

Mallya’s diplomatic passport has been revoked by the Indian government.

Earlier this year, Mallya announced he had purchased the Tridents franchise, which competes in the Caribbean Premier League.

He subsequently attended the player draft which was staged in Bridgetown in February. The CPL is scheduled to run from June 20 to August 7.

Mallya has been involved with Indian Premier League franchise Royal Challengers Bangalore but resigned as a director last month.

He is also co-owns Formula One racing team, Force India.

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