Vijay Mallya London Home: Relief news has come for Vijay Mallya and his family. Vijay Mallya’s family will retain possession of their luxurious house in London. The UK High Court said that if the family trust refinances a loan, it is not against the WFO, i.e. Worldwide Freezing Order. Refinancing is an acceptable transaction.
Rose Capital Ventures, a British Virgin Island company linked to the Mallya family trust) had applied in this regard in the London High Court, which was heard last Friday. This trust owns the Cornwall Terrace property located in central London. Judge Simone Rennie QC ruled that refinancing is an acceptable transaction intended to invest in prime property in London. “The proposed transaction is justified,” the judge said.
There is a dispute regarding the Cornwall Terrace property regarding Vijay Mallya and his family with Swiss bank UBS. This dispute is five years old from 2017. The five-year term loan with UBS Bank had expired. The bank claimed an unpaid loan amount of $2.4 million, which Rose Capital Ventures later refinanced. During the hearing in 2020, the London Court said that RCV, i.e. Rose Capital Ventures, can refinance the UBS loan, which is by the rules of the WFO.
Long-standing dispute with UBS
Mallya’s house was ordered to be vacated in a long-running legal dispute with Swiss bank UBS. Mallya had demanded a stay on the compliance of this order. Vijay Mallya has to return the loan of 204 million pounds to this Swiss bank. His 95-year-old mother lives in this house of Mallya in London.
Vijay Mallya has defrauded the banks of thousands of crores.
Mallya fled to the UK in March 2016. He is wanted in India in the case of loan misappropriation and money laundering to the tune of Rs 9,000 crore. Many banks gave this loan to Kingfisher Airlines. 65-year-old Mallya is currently out on bail in the UK. It is understood that he may remain on bail till the resolution of confidential legal proceedings on the issue of asylum in the country in a separate case related to the extradition process.
