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Hours after Christian Michel extradition, Vijay Mallya offers to 'repay 100%' to banks

Mallya is currently in United Kingdom on bail on an extradition warrant. His tweets came hours after Christian Michel, the alleged middleman in the AgustaWestland deal was extradited to India by the UAE

December 05, 2018 / 03:12 PM IST

Fugitive billionaire Vijay Mallya has on December 5 offered to pay back the entire principal amount of Rs 5,500 crore that he owed various banks.

Mallya, who is being investigated for fraud and money laundering, has been living in the United Kingdom for the past two years.

In a series of tweets, Mallya said, "Airlines struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that's where banks' money went. I have offered to repay 100 percent of the principal amount to them. Please take it."

“For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the exchequer of states. Kingfisher Airlines also contributed handsomely to states. Sad loss of the finest airline, but still I offer to pay banks, so no loss. Please take it,” the liquor baron added in another tweet.

Mallya, 62, also attacked politicians and media for 'constantly talking loudly' about him "being a defaulter who has run away with PSU bank money”.


“All this is false. Why don’t I get fair treatment and the same loud noise about my comprehensive settlement offer before the Karnataka High Court? Sad,” he added.

Mallya is currently on bail on an extradition warrant executed by the Scotland Yard on financial fraud and money laundering charges.

A ruling on his extradition trail at the Westminster Magistrates' Court in London is expected on December 10.

Mallya’s tweets came hours after Christian James Michel, the alleged middleman in the politically sensitive Rs 3,600 crore AgustaWestland chopper deal, was extradited to India from the United Arab Emirates (UAE) on December 4.
Moneycontrol News
first published: Dec 5, 2018 10:39 am