Vijay Mallya Offers To Return 100% Of Public Money

Vijay Mallya offers to pay back 100 percent of “public money”.

Vijay Mallya, founder and chairman of Kingfisher Airlines Ltd. (Photographer: Chris Ratcliffe/Bloomberg)
Vijay Mallya, founder and chairman of Kingfisher Airlines Ltd. (Photographer: Chris Ratcliffe/Bloomberg)

Fugitive liquor tycoon Vijay Mallya on Wednesday said his extradition from the U.K. to India will take its own legal course, while offering to pay back 100 percent of “public money”.

Mallya, who has been fighting a legal battle against his extradition to India, claimed that he has been falsely dubbed as a “defaulter” by politicians and media.

In September, a U.K. court had fixed Dec. 10 as the date to deliver its verdict on whether beleaguered liquor baron can be extradited to India to face charges of fraud and money laundering amounting to around Rs 9,000 crore.

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“The most important point is the public money and I am offering to pay 100 percent back. I humbly request the banks and government to take it. If payback refused, WHY (sic),” he said.

Mallya, who fled to the U.K. in March 2016, is wanted in India over the default of Rs 9,000 crore that was loaned to Kingfisher Airlines by several banks.

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He, however, said, “Politicians and media are constantly talking loudly about me 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 Karnataka High Court. Sad.” He claimed he had made the offer to settle the dues to the banks since 2016.

Reflecting on the downfall of Kingfisher Airlines, he said, “Airlines are struggling financially because of hight aviation turbine fuel prices.” He further said Kingfisher also faced the “highest ever crude prices of $140 per barrel.” “Losses mounted and that’s where the banks’ money went. I have offered to repay 100 percent of the principal amount to them. Please take it,” he tweeted.