Vijay Mallya case: Rs 963 cr recovered from former liquor baron, says SBI, expects to retrieve more from UK assets

State Bank of India, working closely with UK authorities has recovered Rs 963 crores from Vijay Mallya's Indian assets and expect to retrieve more from his properties in UK

Press Trust of India July 07, 2018 07:44:35 IST
Vijay Mallya case: Rs 963 cr recovered from former liquor baron, says SBI, expects to retrieve more from UK assets

New Delhi: Indian banks are working very closely with the UK authorities to recover maximum out of assets owned by Vijay Mallya after a British court allowed them to search and seize properties of the fugitive liquor baron, State Bank of India (SBI) MD Arijit Basu said on Friday.

"We are very happy with the court order and with this kind of order we should be able to go after this assets," he told reporters in Delhi. Without giving a specific number, he said "we hope to recover significant part our money".

Vijay Mallya case Rs 963 cr recovered from former liquor baron says SBI expects to retrieve more from UK assets

File image of fugitive liquor tycoon Vijay Mallya. PTI

The UK Enforcement order is worldwide freezing order and Indian banks are looking at recovering entire debt, he said, adding that banks are working very closely with the authorities and have appointed valuer.

SBI is the leader of consortium of 13 banks that lent money to Mallya's now defunct Kingfisher Airlines. Asked about recovery in India, Basu said, the consortium has recovered Rs 963 crore from auction of Mallya's Indian assets.

Recently, a UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.

It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

Updated Date:

also read

Rahul’s comments on regional parties ‘bizarre’, out of sync with Congress’ own declaration: RJD
Politics

Rahul’s comments on regional parties ‘bizarre’, out of sync with Congress’ own declaration: RJD

In his address at his party’s ‘Chintan Shivir” (brainstorming camp) in Udaipur, Rahul had claimed that regional parties cannot fight the BJP-RSS as they lack ideology

SBI Retired Staff Recruitment 2022: Application window opens today, check details here
Education

SBI Retired Staff Recruitment 2022: Application window opens today, check details here

SBI has shared a detailed notification regarding the recruitment process on their official website. Aspirants are advised to go through the notification and check the steps to apply below

Pakistan's relationship with India 'particularly complicated' by New Delhi's decisions, says Bilawal Bhutto
India

Pakistan's relationship with India 'particularly complicated' by New Delhi's decisions, says Bilawal Bhutto

Pakistan's foreign minister referred to the 5 August 2019 decision to abrogate Article 370 in Jammu and Kashmir as well as the recent decision by the delimitation commission