Vijay Mallya, the fugitive tycoon of Kingfisher, is facing humiliating eviction from the Central London home he occupies after fighting with UBS over disputed payments. Mallya obtained a mortgage from UBS for the multi-million pound property along Cornwall Terrace in one of the most sought after areas of the British capital, minutes away from Regent’s Park and Madame Tussaud’s Wax Museum.
The property is believed to have been occupied by Mallya, his son Siddharth, and his 95-year-old mother Lalitha. Mallya’s lawyers had requested a stay of repayment of the UBS loan after Mallya had failed to meet his previous repayment deadline in April 2020. Nevertheless, the judge in the Chancery division of the High Court declined the request on Tuesday. However, UBS was unable to evict the Mallyas due to COVID regulations. UBS can now repossess the property as a result of today’s ruling. According to reports, Mallya and his family own a number of properties in the UK and overseas, including a sprawling country home in Hertfordshire, north of London.
Mr. Mallya has lived in London since fleeing to the country after he was accused of an Rs 9,000 crore (1.4 billion US$) fraud in connection with Kingfisher Airlines’ collapse. The charges against him have been denied consistently. Three years of hearings resulted in the UK High Court ordering his extradition. The UK government decision on what it believes is an asylum application is still pending while he remains on bail.