Latest: Corruption and Money Laundering.
No legal basis to accusations that I've stolen money through Kingfisher Airlines, says Vijay Mallya
The United Breweries (Holdings) chairman blamed taxation laws and high fuel prices for the failure of the airline.
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| Vijay Mallya |
United Breweries (Holdings) Chairman Vijay Mallya said that he had faith in India’s judicial system and he was “sure judicial relief” would come his way because he was there was no “legal basis” to the accusations that he had stolen money through Kingfisher Airlines, Mintreported. Mallya owes around Rs 9,000 crore to 17 banks in India and faces charges of money laundering.
At the company’s 100th Annual General Meeting, he said, “The business (of Kingfisher Airlines) failed due to high fuel prices, due to adverse government policies by taxation and of course the failure of aviation engines.” Mallya said he was “accused of of stealing and siphoning off Rs 6,000 crore out of the Kingfisher Airlines without any legal basis, whatsoever.” He also said the Indian government has made him the “poster boy of bad loans”, but said it would be contested in courts of law.
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