Indian businessman Vijay Mallya has made another public intervention to persuade Indian authorities to accept his settlement before the Karnataka High Court, ahead of next week when a judge at Westminster Magistrate’s Court is due to deliver her verdict on India’s attempt to extradite him from the UK.
In a series of tweets on Wednesday morning, Mr. Mallya, who is facing a number of legal battles in London, pointed to the “thousands of crores” of rupees the Kingfisher drinks group had contributed to public coffers both national and at a state basis for three decades, while insisting that Kingfisher Airline’s woes related to high aviation fuel 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.,” he tweeted.
He ridiculed suggestions that the offer – which comes just days ahead of the expected judgement in his extradition case – was linked to expectations of this verdict, and the successful extradition from Dubai this week of AgustaWestland VVIP helicopter deal middleman and British national Christian James Michel – insisting he had made settlement offers since 2016.
The contention that Mr. Mallya’s default on loans from a consortium of banks including IDBI, resulted from an unprecedentedly tough climate for the aviation sector, amid staggeringly high oil prices has been a central argument used in the businessman’s defence during the extradition case.
During the hearings in London that commenced in December last year, and concluded in mid-September, Britain’s Crown Prosecution Service, which represents India in their attempt to extradite Mr. Mallya, had argued that he had never intended to repay the loan, used false grounds to obtain them, and then used funds for purposes they had never been intended, while attempting to squirrel away funds.
However, Mr. Mallya’s defence team has argued that the case was politically motivated, and the collapse had been a case of “business failure” with the loans being taken out in a meaningful attempt to revive the business in the face of extraordinary challenges that had seen airline businesses struggle globally.
In his tweets, Mr. Mallya also denied the suggestion he had “run-away” with public sector bank funds. “Why don’t I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court. Sad.”
“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?.”
The long-awaited ruling in the extradition case is expected at Westminster Magistrate’s Court on December 10, which could be followed by an appeals process
