New Delhi: A UK court on Tuesday ordered forcible possession Vijay MallyaMillions of pounds luxury house in London.
As a result, Mallya and his family – son Siddhartha and his mother Lalita – will be evicted.
Swiss bank UBS will now take over the luxury townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October last year, the bank had obtained permission to issue letters of permission against Mallya and his family. It also issued a petition against Rose Capital – a firm owned by a Mallya family trust named Sileta Trust.
The British Virgin Islands registered company owns Mallya’s London home and in 2012 mortgaged it to UBS as security for a 5-year loan of £20.4 million.
The loan expired on March 26, 2017, and the outstanding amount was not paid on that date.
After being delayed several times in the past, UBS finally got a result on the matter.
Vijay Mallya has been declared a fugitive economic offender in India and awaits extradition hearing in the country.
He is wanted in India on charges of fraud and money laundering in connection with bank loans taken by his now defunct airline Kingfisher.
As a result, Mallya and his family – son Siddhartha and his mother Lalita – will be evicted.
Swiss bank UBS will now take over the luxury townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October last year, the bank had obtained permission to issue letters of permission against Mallya and his family. It also issued a petition against Rose Capital – a firm owned by a Mallya family trust named Sileta Trust.
The British Virgin Islands registered company owns Mallya’s London home and in 2012 mortgaged it to UBS as security for a 5-year loan of £20.4 million.
The loan expired on March 26, 2017, and the outstanding amount was not paid on that date.
After being delayed several times in the past, UBS finally got a result on the matter.
Vijay Mallya has been declared a fugitive economic offender in India and awaits extradition hearing in the country.
He is wanted in India on charges of fraud and money laundering in connection with bank loans taken by his now defunct airline Kingfisher.
,