LONDON: Fugitive liquor tycoon Vijay Mallya, his mother and son may not be evicted from their multi-million pound luxury London townhouse which overlooks Regent’s Park, after a Mallya company at the eleventh hour got an order in the Supreme Court of the Bahamas granting permission to liquidate assets held in Mallya’s Bahamian trusts to pay off the mortgage.
Swiss Bank UBS AG had on 20 October 2021 obtained permission in the London high court to issue a writ of possession against Mallya, 66, who was declared bankrupt in Britain in July 2021, his son Sidhartha, 34, mother Lalitha, 95, who live at 18-19 Cornwall Terrace, and British Virgin Islands-registered Rose Capital Ventures, the Mallya family trust which owns the property, for non-payment of a mortgage.
Rose Capital had mortgaged the property to UBS as security for a five-year loan of £20.4 million (Rs 208 crore) on March 27, 2012 but failed to repay the loan at the end of the term. The Supreme Court of the Bahamas last Friday issued an order giving consent for three Balaji trusts to liquidate Rs 255 crore of more of their assets in order to make a loan to Birchwood Hills Inc, a company owned by one of the Balaji trusts, to loan Rose Capital the exact amount it needs to pay off the UBS mortgage and any associated interest to prevent repossession.
Swiss Bank UBS AG had on 20 October 2021 obtained permission in the London high court to issue a writ of possession against Mallya, 66, who was declared bankrupt in Britain in July 2021, his son Sidhartha, 34, mother Lalitha, 95, who live at 18-19 Cornwall Terrace, and British Virgin Islands-registered Rose Capital Ventures, the Mallya family trust which owns the property, for non-payment of a mortgage.
Rose Capital had mortgaged the property to UBS as security for a five-year loan of £20.4 million (Rs 208 crore) on March 27, 2012 but failed to repay the loan at the end of the term. The Supreme Court of the Bahamas last Friday issued an order giving consent for three Balaji trusts to liquidate Rs 255 crore of more of their assets in order to make a loan to Birchwood Hills Inc, a company owned by one of the Balaji trusts, to loan Rose Capital the exact amount it needs to pay off the UBS mortgage and any associated interest to prevent repossession.
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