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In yet another blow for former liquor baron Vijay Mallya, Diageo has decided to hold back USD 35-million settlement out of the total USD 75 million that the company had agreed to pay him, reports The Economic Times.
Diageo, the world’s largest liquor company, is instead seeking to recover dues from Mallya, including USD 135 million given as conditional guarantee to Standard Chartered Bank for the liabilities of Watson. Diageo would also claim Mallya’s stake in the Force India Formula One team, which was pledged as security for Watson.
Vijay Mallya has remained out of the country even after being asked to appear for questioning for diversion of loans that have not been repaid after the Kingfisher Airlines failure.
Multiple complaints were filed against Mallya by the Indian unit of the global liquor maker after inquiries revealed “improper transactions” amounting to Rs 1,225.30 crore, which was diverted to companies located in tax havens where he holds direct or indirect interest.
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