Former F1 team owner Vijay Mallya sentenced to jail
Former owner of Force India F1 team is found guilty of contempt
11 July 2022 - 09:58
bySuchitra Mohanty
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Vijay Mallya co-owned the Formula One motor racing team Force India until 2019.
Picture: REUTERS
India’s Supreme Court sentenced tycoon Vijay Mallya on Monday to four months in jail for refusing to disclose his assets, after defaulting on a loan of 90-billion rupees (R19bn) since the collapse of his defunct Kingfisher Airlines.
The businessperson, with interests ranging from aviation to liquor, is now in Britain and India has made efforts to extradite him. Mallya has refused to appear before the court, despite several summons.
The court found him guilty of contempt for not obeying its orders, and imposed a fine of 2,000 rupees.
Mallya’s lawyers could not immediately be reached for comment.
Lawyers for the lenders have said Mallya transferred $40m to members of his family even though the bank loan remains unpaid.
The court has also set a four-week deadline for Mallya and his family to deposit $40m, along with the accrued interest, or face further legal action.
Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing and has previously said the case against him is politically motivated.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Former F1 team owner Vijay Mallya sentenced to jail
Former owner of Force India F1 team is found guilty of contempt
India’s Supreme Court sentenced tycoon Vijay Mallya on Monday to four months in jail for refusing to disclose his assets, after defaulting on a loan of 90-billion rupees (R19bn) since the collapse of his defunct Kingfisher Airlines.
The businessperson, with interests ranging from aviation to liquor, is now in Britain and India has made efforts to extradite him. Mallya has refused to appear before the court, despite several summons.
The court found him guilty of contempt for not obeying its orders, and imposed a fine of 2,000 rupees.
Mallya’s lawyers could not immediately be reached for comment.
Lawyers for the lenders have said Mallya transferred $40m to members of his family even though the bank loan remains unpaid.
The court has also set a four-week deadline for Mallya and his family to deposit $40m, along with the accrued interest, or face further legal action.
Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing and has previously said the case against him is politically motivated.
Reuters
UK court rules in favour of extraditing Indian tycoon
Aston Martin chases F1 glory with ex-McLaren boss Whitmarsh
Verstappen now ready to co-operate with Netflix
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.