Kingfisher Deal: Indian Banks Against Bank Of Rothschild

Sometime back a consortium of 17 banks led by State Bank of India went to the Supreme Court to issue arrest warrant against Vijay Mallya. In the written affidavit they said that Mallya had not disclosed his bank account with the Rothschild Bank, Geneva. The banks had accused Mr. Mallya of “deliberate” concealment.

Now, Vijay Mallya has filed a counter-affidavit saying that he has no control over the “$39,999,994 million” paid to him by the British liquor major Diageo Plc. He said that in February 2016 the money was equally divided among his three children who are citizens of United States of America. The affidavit said each of them were “majors and citizens of the United States of America” and he had no control over their Trusts or the manner in which they would spend the money.

Now as proof of payments a letter from his banker Edmond De Rothschild, one of the controller families of the East India Company is placed on record.

The $40 Million Story

In 2011, hounded by creditors and a depleted fleet of aircrafts Mallya sought help from the Rothschild. In 2012 a $2 billion deal is struck with Diageo, the world’s largest spirits company. Part of this payment was received in offshore accounts. According to banking sources, since most of the transaction proceeds were in overseas accounts, it was not possible for them to seize them. Needless to say the money was not used to repay loans to Indian banks in 2012 which lent Rs 7,200 crore to Mallya-owned Kingfisher Airlines. Later a sweetheart exit deal was brokered between Mallya and Diageo where $75 million were paid to Vijay Mallya to step down as chairman of United Spirits.

This deal was made even as investigations were on into Mallya’s financial dealings. According to some reports Mallya fled the country with this $40 million that he received in February this year.

How a letter from the Bank of Rothschild can make $40 million of Indian taxpayers money vanish?

For the entire story on this secret bank account and the role of Rothschild in the Kingfisher deal read What Has A Secret Account In Rothschild Bank To Do With The Kingfisher Deal?

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Kingfisher Deal: Indian Banks Against Bank Of Rothschild
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