Offering to Refund Full Money to Banks, Vijay Mallya Asks to Stop “Stole” Narrative

By Little India Desk | December 7, 2018

Fugitive liquor baron Vijay Mallya took to Twitter to claim that he is not a defaulter and he is ready to pay back the entire principal amount of the loans that he owes to Indian banks. In his tweets, he also appealed to stop the narrative that he has stolen the money.

His tweets have come out a few days before the expected ruling of London based Westminster Magistrate’s Court, scheduled for Dec 10, on his plea against his extradition to India. But he has insisted that his offer and extradition decision are separate issues.

“Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically, my appeal is “Please take the money”. I want to stop the narrative that I stole money,” said Mallya in his tweet.

Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically,my appeal is “Please take the money”. I want to stop the narrative that I stole money

— Vijay Mallya (@TheVijayMallya) December 6, 2018

Mallya said in a series of tweets that he offered to pay back the amount since 2016 but the offer was refused.

“I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY ?” he tweeted.

Many media reports have seen Mallya’s offer as a ripple effect of the extradition of a British businessman, Christian Michel, an alleged middleman in the Agusta Westland chopper deal. Michel was extradited to India from UAE recently.

However, Mallya refuted these speculations while saying that his offer of payback dates to 2016.

“Usual nonsense! I have made settlement offers since 2016,” he tweeted.
He also claimed in his tweets that he didn’t borrow money from Indian banks, it was Kingfisher Airlines, which took the money.

“With respect where have I defrauded Banks? I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud,” Mallya tweeted.
Talking about the failure of now-defunct airline Kingfisher Airlines, Mallya said, “Airlines struggling financially partly becoz 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 % of the Principal amount to them. Please take it.”

He also said that his liquor company United Breweries has contributed thousands of crores to the state exchequer over the years. He said that Kingfisher Airline also contributed but it sadly failed.

For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please take it.

— Vijay Mallya (@TheVijayMallya) December 5, 2018

Mallya faces allegations that his Kingfisher Airline defaulted on loans and interest in 2010 and owes Rs 9,000 crore to a consortium of 17 Indian Banks.

The Indian government is seeking his extradition after he fled to the United Kingdom in 2016.