March 26, 2023

vijay mallya: Vijay Mallya to be evicted from London home; Swiss bank UBS to take possession – Times of India

NEW DELHI: A UK court on Tuesday ordered enforced possession of Vijay Mallya‘s multi-million-pound luxury home in London.
As a result, Mallya and his family — son Sidhartha and mother Lalitha who live there — will be evicted from the house.
Swiss bank UBS will now take possession of the luxury townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October last year, the bank had obtained permission to issue a writ of permission against Mallya and his family. It also issued a petition against Rose Capital — a firm owned by a Mallya family Trust named Sileta Trust.
The British Virgin Island registered company owns Mallya’s London home and had mortgaged it to UBS as security for 5-year loan of 20.4 million pounds in 2012.
The loan expired on March 26, 2017, and the outstanding balance on that date was not paid.
After being delayed several times in the past, UBS finally received an outcome on the case.
Vijay Mallya has been declared a fugitive economic offender in India and is awaiting hearing on extradition to the country.
He is wanted in India over fraud and money laundering charges in relation to loans taken by his now defunct airline Kingfisher from banks.

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