[ad_1]
NEW DELHI: A UK court docket on Tuesday ordered enforced possession of Vijay Mallya’s multi-million-pound luxurious residence in London.
In consequence, Mallya and his household — son Sidhartha and mom Lalitha who dwell there — can be evicted from the home.
Swiss financial institution UBS will now take possession of the luxurious townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October final 12 months, the financial institution had obtained permission to difficulty a writ of permission towards Mallya and his household. It additionally issued a petition towards Rose Capital — a agency owned by a Mallya household Belief named Sileta Belief.
The British Virgin Island registered firm owns Mallya’s London residence and had mortgaged it to UBS as safety for 5-year mortgage of 20.4 million kilos in 2012.
The mortgage expired on March 26, 2017, and the excellent steadiness on that date was not paid.
After being delayed a number of occasions prior to now, UBS lastly acquired an final result on the case.
Vijay Mallya has been declared a fugitive financial offender in India and is awaiting listening to on extradition to the nation.
He’s wished in India over fraud and cash laundering costs in relation to loans taken by his now defunct airline Kingfisher from banks.
In consequence, Mallya and his household — son Sidhartha and mom Lalitha who dwell there — can be evicted from the home.
Swiss financial institution UBS will now take possession of the luxurious townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October final 12 months, the financial institution had obtained permission to difficulty a writ of permission towards Mallya and his household. It additionally issued a petition towards Rose Capital — a agency owned by a Mallya household Belief named Sileta Belief.
The British Virgin Island registered firm owns Mallya’s London residence and had mortgaged it to UBS as safety for 5-year mortgage of 20.4 million kilos in 2012.
The mortgage expired on March 26, 2017, and the excellent steadiness on that date was not paid.
After being delayed a number of occasions prior to now, UBS lastly acquired an final result on the case.
Vijay Mallya has been declared a fugitive financial offender in India and is awaiting listening to on extradition to the nation.
He’s wished in India over fraud and cash laundering costs in relation to loans taken by his now defunct airline Kingfisher from banks.
[ad_2]
Source link
ADVERTISEMENT
