Vijay Mallya arrested by British police
After a year in seclusion in the UK, Vijay Mallya has been arrested by British police at the request of the Indian authorities. He is expected to be extradited to face justice over the bankruptcy of his airline Kingfisher.
Vijay Mallya is very rarely seen at F1 circuits. Indeed, the British businessman left India abruptly last year and took refuge in his London residence. He has remained within British borders since then, as his passport was canceled by the Indian authorities. This is why his only appearance in F1 last year took place at the Silverstone Grand Prix. He was also present at the unveiling of the VJM10, which also took place at the British circuit.
If the Indian authorities are seeking his extradition, it’s because they want to question him about the circumstances that led to the bankruptcy of his airline, Kingfisher, in 2012. More than a billion euros in loans allegedly went unpaid. That’s why a consortium of 17 banks is trying to acquire the billionaire’s other assets to ensure this repayment. To cope, the businessman had already had to sell the majority of the capital of his gem, the spirits group United Spirit, to the Diageo group.
Nevertheless, in response to the announcement of his arrest by the London Metropolitan Police, he stated on his Twitter account that it was merely media hype. The coming weeks should reveal if that is indeed the case…
In any case, this announcement is not good news for Sahara Force India, which is already dealing with the fact that the team’s other co-owner, Subrata Roy, has been in prison in India since 2014. While the arrival of BWT’s money has benefited the team, which finished fourth last season, the situation of its co-owners is becoming increasingly difficult for the team to manage.
With the participation of www.racingbusiness.fr
