Mallya shrugs off threats to seize UK properties

Embattled tycoon Vijay Mallya said on Sunday he will comply fully with court enforcement officers seeking to seize his British assets, but there was not much for them to take as his family’s lavish residences were not in his name.

The 62-year-old former liquor baron faces extradition from Britain to face charges of fraud as a group of Indian banks seek to recover more than $1 billion of loans granted to his defunct Kingfisher Airlines.

A verdict is expected by early September, with July 31 the final date for closing oral submissions and appeals likely whatever the outcome.

Speaking to Reuters at the British Formula One Grand Prix, where he is principal and co-owner of the Force India team, Mallya said he would hand over British assets held in his name. But a luxury country residence belonged to his children and a house in London belonged to his mother, making them untouchable.

“I have given the UK court on affidavit a statement of my UK assets. Which, pursuant to the freezing order, they are entitled to take and hand over to the banks,” he said. “There’s a few cars, a few items of jewellery and I said ‘OK, fine. You don’t have to bother to come to my house to seize them. I’ll physically hand them over. Tell me the time, date and place.’”

“There’s no question of being homeless because at the end of the day, they are entitled to take my assets in my name declared on oath to the court. They can’t go one step beyond,” he said.