TIL Desk/Business/London/Two super-yachts, a game reserve, numerous undeclared high-value and vintage cars, valuable paintings and a piano previously owned by Elton John are among the assets in contention as part of a latest legal claim by Indian banks against embattled liquor tycoon Vijay Mallya in the UK High Court on Monday.
The consortium of PSU banks led by State Bank of India (SBI) have been pursuing the 63-year-old former Kingfisher Airlines boss in their attempt to recover some of the funds owed to them under a 1.145 billion pound worldwide freezing order.
During Monday’s hearing, they sought the disclosure of crucial documentation that would establish the true ownership structure of the VMDS Trust, named after Mallya’s father Vittal Mallya (VM), in which Vijay Mallya claims he has no “beneficial interest”.”We, that is the courts in India and here [UK], are not being told the full story,” barrister Nigel Tozzi told Justice Robin Knowles on behalf of the Indian banks.
