UBS to take possession of Mallya’s London house after court ruling

The London High Court ruled on the UBS' application to strike out parts of the defence and found substantially in favour of the bank.

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Vijay Mallya is set to lose his home in London as a court in the United Kingdom on Thursday ruled in favour of Swiss bank UBS which had sought to seize the embattled liquor tycoon’s property over non-payment of loans.

The High Court ruled on the UBS’ application to strike out parts of the defence and found substantially in favour of the bank. A trial in the case has been set for May next year.

The property, at Cornwall Terrace, overlooking Regent’s Park in central London, was referred to in the UK High Court as a “high class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests”.

In his judgment following a two-day hearing last month, Judge Chief Master Marsh concluded that he can see no basis upon which the defendants should be given an opportunity to amend their defence.

“UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further,” UBS had said in a statement.

Mallya, who is on bail on an extradition warrant after his arrest in April 2017, is also facing trouble from New Delhi after the Indian government made an attempt to get him extradited from the UK on charges of money laundering to the tune of Rs 90 billion.

The tycoon is residing in the UK from the last two years. His extradiction case is reportedly in its final stage at London’s Westminster Magistrates’ Court which is likely to deliver its verdict by the end of this year.

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