Vijay Mallya: Kingfisher Airlines defaulted, not me

Mallya shot off a series of tweets in the early hours of Wednesday to defend himself regarding the default on loans he had acquired from various banks as a means of keeping his now-defunct Kingfisher Airlines afloat.

Dec 07, 2018 07:12 IST India Infoline News Service

Mallya shot off a series of tweets in the early hours of Wednesday to defend himself regarding the default on loans he had acquired from various banks as a means of keeping his now-defunct Kingfisher Airlines afloat.

"Airlines are struggling financially partly because 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," read one of his posts.

Making a reference to his liquor group United Breweries, Mallya said that "India's largest alcoholic beverage group" had contributed "thousands of crores" to the state exchequer over the years.

"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," he said.

In September, the liquor baron had told the Prevention of Money Laundering Act (PMLA) court that “he was not a fugitive economic offender” and not involved in the scheduled offence of money laundering.

In a surprise move, Mallya on Wednesday took to social media with an offer to pay back 100% of "public money" to various Indian banks and urged the government to accept his offer, days ahead of a UK court's decision on his plea not to extradite him to India.

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