Mallya reiterates commitment to repay bank dues

Fugitive businessman Vijay Mallya has reiterated his commitment to settle bank dues by selling his assets and shares.

In a series of tweets on Wednesday, Mallya said that he and his company UBHL have filed an appeal in the high court for permission.

"I continue to make every effort, in good faith to settle with the banks. If politically motivated factors interfere, there is nothing I can do," Mallya said.

Mallya, in his tweets, called Central Bureau of Investigation (CBI) and Enforcement Directorate as criminal organisations. "If the criminal agencies such as ED or CBI object to the sale of assets, it will clearly demonstrate that there is an agenda against me “the Poster Boy” beyond recovery of dues," he said.

In an affidavit filed before the Karnataka High Court on June 22, Mallya had sought the court’s permission to allow him and his holding firm UBHL to sell assets, worth Rs 13,960 crore, and repay creditors. He has submitted a detailed list of assets, shares owned by him, family members and group companies.

However, according to a former Enforcement Directorate official, who had tracked the case, said that bank settlement is possible in this case. "Financial issues can be addressed by this deal. But criminal charges on laundering charges will continue. It also needs to be seen if the assets he has put on sale include proceeds of the crime," official told DH on condition of anonymity.

According to the official, if there are any proceeds from crime in the offer, court might set them aside, as "it sets up a wrong precedent".