Even the super-rich are not safe from foreclosure. In the long-running dispute over outstanding debt, major UBS bank is now moving into the City of London Palace for the king of an Indian brewery.
Whoever ordered the correct tandoori beer from an Indian always did so Vijay Mallya a little richer. But in recent years, the king of the Indian brewery has been mostly wet; Now it passes another low point.
UBS has booked his home in the luxurious Malia Palace near London’s Regent’s Park, among other things The Times of India newspaper mentioned. The story made headlines in the Indian subcontinent.
The family must move
According to reports, Malia’s family now has to leave the City Palace. For her and the brilliant businessman, who also tried his luck with an airline and in Formula 1, the future is somewhat uncertain. In 2016, he secretly fled India to London after failing to pay $1 billion in outstanding bank debt. He had long since sold the beverage company, with which he had become financially rich, in an attempt to restructure his debts.
I wrote to wanted
He is now wanted in his home country for fraud and money laundering. So India is asking for Malia to hand over. Great Britain intends to comply with these demands soon.
Meanwhile, the dispute over London’s withdrawal with the Swiss bank has been ongoing since 2018; In 2012, when the Indian was still a well-liked affluent, UBS gave him a five-year loan of £20.4 million (equivalent to a good 25.2 million Swiss francs). However, the elegant Royal Institute in London took a pledge.
The end of the “happy times”
In 2017, when the loan was due, the related company in the financial conglomerate was unable to repay the outstanding debt – and Switzerland took legal action.
Now the big bank has won after a lot back and forth, and the ex-billionaire has to find a new place to live. For Malia, who was once considered the “king of happy times”, bad luck continues.
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