I cannot say that I like to have such a headline because it is not good for the sport to see high profile people, particularly F1 team owners and members of the FIA World Motor Sport Council, in such situations. However, the reality exists and I believe those who are employed by the person in question should know what is happening.
Not wishing to be accused (again) of racism for reporting about Vijay Mallya’s alleged misdeeds, I am going to reproduce a part of report that has appeared in the Indian media in recent hours.
The country’s largest lender, State Bank of India (SBI), has approached the Debt Recovery Tribunal (DRT) seeking the arrest of Vijay Mallya in a bid to recover loans to Kingfisher Airlines, which was promoted by the liquor baron. SBI also wants his passport impounded and a complete disclosure of his personal assets. The move comes after Mallya struck a $75-million deal with Diageo to exit United Spirits. He had also indicated that he was likely to relocate to the UK. SBI leads a consortium of 17 lenders to the grounded Kingfisher Airlines, which has defaulted on loans worth Rs 7,000 crore. According to sources, SBI has sought to secure the lenders’ first right on Diageo’s payout to Mallya.
For those who are not familiar with the word crore, it is an Indian measure not used in the West. The sum of 7,000 crore rupees, is equivalent of something in the region of $1 billion.