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UK court asks Vijay Mallya to pay £88,000 to Swiss bank

Mallya is residing in the UK from the past two years

ANI  |  London [United Kingdom] 

Fugitive Indian businessman on Thursday faced a major setback in his battle to save his luxurious house from foreclosure by Swiss after the United Kingdom (UK) rejected scores of the arguments presented by his legal team during the trial of the matter.

The judicature has issued an order asking to pay a hefty amount of  £88,000 to Investment Bank, which had issued £20.4 million in the mortgage loan for his property.

The property was referred to in the UK as a “high-class home for Dr and his family members and United Breweries Group corporate guests”.

The former liquor baron, who is on bail on an extradition warrant after his arrest in April 2017 is also facing trouble from New Delhi, after the led by Prime Minister made an attempt to get him extradited from the UK on charges of laundering to the tune fo Rs 90 billion.

Mallya is residing in the UK from the past two years. His extradition case is reportedly in its final stage at London's Westminster Magistrates’ Court which is expected to deliver it ruling by the year-end.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, November 23 2018. 19:51 IST