Vijay Mallya begs banks to accept his ‘100 per cent’ payback offer

Days ahead of his extradition verdict in the UK court, fugitive liquor baron Vijay Mallya on Wednesday reiterated his offer to pay back the "100 per cent" of the principal amount of loans he owed to various banks. In a series of tweets, Mallya, who is being investigated for fraud and money-laundering, said that he contributed thousands of crores to the State exchequers through his alcoholic beverage group and now defunct Kingfisher Airlines and requested banks to accept his offer.

“For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. 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,” Mallya tweeted.

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The 62-year-old business tycoon fled the country in March 2016 after banks initiated legal proceedings to recover the outstanding loan amount of over Rs 9,000 crore. For the last two and half years, he has been residing in the UK and fighting an extradition case filed by India in February last year.

Mallya said that it was wrong to link his payback offer with the extradition verdict as the case was under court's consideration and will take its own legal course. "The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it," he said.

Mallya said that his Kingfisher Airlines was "fabulous" and faced the highest ever crude prices of USD 140/barrel. Due to which, he added, "losses mounted and that’s where banks' money went."

Airlines struggling financially partly becoz 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.

— Vijay Mallya (@TheVijayMallya) December 5, 2018

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The offer from Mallya comes days ahead of the expected verdict in his extradition trial at Westminster Magistrates' Court in London. The court is likely to pronounce its judgment in the case during the next hearing on December 10.