It seems like there is no end to problems of liquor baron Vijay Mallya, who recently became the poster-boy of all the bad loans of banks.
After the Supreme Court directed him to disclose all assets held by him and his family, after a group of banks rejected his offer to repay Rs.4,000 crore to settle the debts of his grounded Kingfisher Airlines Ltd, his name has appeared in the list of public figures in the massive Panama data leak, a leading English Daily reported.
Mallya, who has been termed as a ‘wilful-defaulter’ and ‘absconder’ has been linked to Venture New Holding Ltd in the British Virgin Islands (BVI) and has been in operation since February 15, 2006.
Investigation of the papers leaked to the International Consortium of Investigative Journalists revealed that Mallya is directly linked to the company.
The ICIJ said that his offshore is directly linked to one Porticullus Trust Net which is a ‘one-stop solution’ for setting up offshore accounts, the report said. Porticullus is located in the Cook Islands in the South Pacific.
Mallya is said to have been operating Venture New Holding from his residential address in Bengaluru.
Kingfisher, which ceased operations in October 2012, owed the banks, mostly state-run, Rs 9,091 crore including interest and fees as of last November.
Mallya has been ordered to tell the court how much money he can deposit with it to prove that he intends to make a meaningful settlement. The Supreme Court said he must file his response by April 21 and that the banks have to respond to that by April 25.
The Panama Papers are set of leaked documents which show how law firm Mossack Fonseca helped clients launder money, dodge sanctions and evade tax with offshore accounts. However, offshore accounts do not by default indicate illegality.