Tridents owner Mallya fighting battle to stave off creditors

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April 23, 2016

MUMBAI, India (CMC):

Barbados Tridents millionaire owner, Vijay Mallya, continues to be dogged by financial controversy and was Thursday fighting a legal battle to stave off creditors who are seeking to recover more than US$1.4 billion from him, following the collapse of his Kingfisher Airlines.

The Indian businessman has been at the centre of court proceedings, which has seen a consortium of banks trying to trying to get him to appear in the Indian Supreme Court, to deal with the matter of unrepaid debt.

However, Mallya fled India early last month and has not returned since, and is said to be currently residing in London.

Following a plea from the aggrieved banks, the Court earlier this month asked Mallya to disclose by April 21 all assets he owned, and those of his family, both here in India and overseas.

But in an affidavit filed on his behalf on Thursday, Mallya argued that he was not required to provide such information, especially since he was a non-resident Indian."Overseas assets were not considered while granting loans," Indian newspapers quoted Mallya as saying.

He is accused of misusing the loans granted to Kingfisher Airlines, and accumulating assets for himself and family, allegations he has denied.

Earlier this week on Monday, an arrest warrant was issued for Mallya after the Enforcement Directorate, a government law enforcement agency tasked with fighting economic crime, accused Mallya and his UB Group of using US$65 million meant for Kingfisher Airlines, to purchase properties overseas.

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