Panama papers: Vijay Mallya has offshore firm in British Virgin Islands
The firm, Venture New Holding Limited, is linked directly to the former liquor baron, said The Times of India.
Former chairman of United Spirits Vijay Mallya has joined the list of public figures named in the massive Panama data leak, reported The Times of India. The International Consortium of Investigative Journalists confirmed the firm details on their website. The firm, located in the British Virgin Islands, is called Venture New Holding Limited and has been operational since February 2006. The report added that it is directly linked to Mallya, and not to his companies, and that the firm’s operations were carried out from Mallya’s residence in Bengaluru.
The development comes as 17 banks in India are battling to recover up to Rs 9,000 crore from Mallya, who left the country early in March after stepping down as United Spirits chief. He was also called in for questioning by the Enforcement Directorate in connection with the loans his defunct Kingfisher Airlines has defaulted. In an attempt to begin recovering part of the money he owes, Kingfisher House in Mumbai was put on the market. Many former employees of Kingfisher Airlines have also protested against non-payment of salaries.
The Supreme Court has asked the former liquor baron to disclose all his assets by April 21 in light of the money owed to the banks. The court had earlier rejected Mallya’s offer to pay off part of the loans by September this year, and asked him to deposit a "substantial amount" to prove his bona fides.