Vijay Mallya says value of his assets in 2018 is much more than what it was in 2016

Vijay Mallya claimed that the value of his assets currently is much more than what it was in 2016.

By BusinessToday.In  
Wednesday, June 27, 2018

Beleaguered tycoon Vijay Mallya, who fled to London in March 2016, has suddenly expressed his wish to repay the public sector bank which gave loans to now defunct Kingfisher Airlines. While many are arguing that the newly promulgated ordinance which allows agencies to confiscate properties of economic offenders may be the reason for liquor baron's change of heart, Mallya however claimed that the value of his assets currently is much more than what it was in 2016, when he had offered to pay back Rs 4,400 crore worth of loans to state-run lenders.

After Minister of State for External Affairs MJ Akbar's said that the Mallya had many years to pay his debt, the fugitive businessman replied saying that the value of his assets in 2018 is far higher than in 2016. Mallya tweeted that he and UB Holding Ltd (UBHL) have filed an application before the Hon'ble Karnataka High Court on June 22, 2018, setting out available assets of approximately Rs 13,900 crore.

"We have requested the Courts permission to allow us to sell these assets under judicial supervision and repay creditors, including the Public Sector Banks such amounts as may be directed and determined by the Court," the embattled tycoon said.

Countering the charge sheets filed by investigative agencies which 'allege criminality with no intention to repay banks', Mallya tweeeted, "I have made an application to the Hon'Ble Karnataka HC showing assets far in excess of the Banks claims and requesting sale under judicial supervision."

"It is incorrect that my settlement offer before the Hon'Ble Karnataka HC was motivated by the latest charge sheet under the media reported Fugitive Ordinance. I always had honest intentions to settle and there is ample proof," Mallya added.

The liquor baron, who is currently facing money laundering charges in the UK, said that he made his statement along with a new settlement offer now as he was unable to make such an offer before due to 'various circumstantial changes about the value of assets available'.

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