Banks working closely with UK authorities to recover dues from Mallya: SBI MD

New Delhi: Indian banks are working very closely with the UK authorities to recover maximum out of assets owned by Vijay Mallya after a British court allowed them to search and seize properties of the fugitive liquor baron, SBI MD Arijit Basu said .
“We are very happy with the court order and with this kind of order we should be able to go after this assets,” he told reporters here. Without giving a specific number, he said “we hope to recover significant part our money”.
The UK Enforcement order is worldwide freezing order and Indian banks are looking at recovering entire debt, he said, adding that banks are working very closely with the authorities and have appointed valuer.
SBI is the leader of consortium of 13 banks that lent money to Mallya’s now defunct Kingfisher Airlines. Asked about recovery in India, Basu said, the consortium has recovered Rs 963 crore from auction of Mallya’s Indian assets.
Recently, a UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore. It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.
However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)