TIL Desk/Business/New Delhi/ The fugitive Kingfisher tycoon Vijay Mallya is facing the prospect of a humiliating eviction from the luxury central London home he currently occupies after the UK High Court ruled against him in a dispute with the Swiss bank UBS.
Mallya held a mortgage obtained from UBS on the multi-million-pound property, located along Cornwall Terrace in one of the most sought after areas of the British capital, minutes from Regent’s Park and attractions such as Madame Tussaud’s wax museum.
It’s believed that Mallya has lived in the property along with his son Siddharth and his 95-year-old mother Lalitha. A judge sitting in the chancery division of the High Court on Tuesday refused a request by Mallya’s lawyers for a stay on repaying the UBS loan after Mallya had failed to meet a previous repayment deadline in April 2020.
UBS however, were unable to evict the Mallyas due to COVID regulations. Today’s ruling paves the way for UBS to repossess the property. It’s believed that Mallya and his family own numerous other properties in the UK and elsewhere, including a sprawling country home in Hertfordshire, north of London.
