Final decision will be fair to banking system: SBI on Vijay Mallya asset

Final decision will be fair to banking system: SBI on Vijay Mallya asset
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New Delhi: State Bank of India (SBI) Managing Director Arijit Basu on Friday expressed confidence over the fair banking system in connection with liquor baron Vijay Mallya’s assets which have been identified so far.

Basu’s statement comes a day after Bangalore police through the Enforcement Directorate (ED) submitted a report before Delhi’s Patiala House Court stating that they have identified 159 properties of liquor baron Vijay Mallya and United Breweries.

“Our aim is that we get the maximum; it can be a property, it can be other corporate assets. Exact figures of what have been recovered by SBI and other banks will be told,” Basu told ANI.

“Confident that final decision will be very fair to banking system,” he added.
The Bangalore police had also sought more time to identify other additional properties.

Earlier on June 30, Mallya was summoned by a designated court under Fugitive Economic Offenders to appear before it on August 27. The notice was issued to Mallya and others in connection with ED’s June 22 application for declaring him as a fugitive economic offender and to confiscate his properties.

Less than a week ago, Mallya broke his silence over the controversy surrounding him of defaulting on bank loans to the tune of Rs. 9000 crore.

The liquor baron, in a series of tweets, claimed that he had been falsely made the “poster boy of Bank default and a lightning rod of public anger”.

He also reiterated that he is making every effort, in good faith to settle dues with the banks, but if politically-motivated factors interfere, there is nothing he can do.

The 62-year-old is facing a trial in a UK court in connection with his extradition to India. He is facing charges for financial irregularities involving a total amount of Rs 9,000 crore, as well as money laundering cases.

ANI