Family Of Vijay Mallya To Hold On To Luxury London Home

Author : desertsafari
Publish Date : 2022-03-07 00:00:00


Family Of Vijay Mallya To Hold On To Luxury London Home

London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.

London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against the embattled liquor tycoon. Rose Capital Ventures (RCV), a British Virgin Islands firm linked to the Mallya family trust which owns the Cornwall Terrace property in central London, had made an application in the London High Court which was heard last Friday. Judge Simon Rainey QC ruled that the refinancing is a "permissible transaction" as it meant investment in a prime London property. "The proposed realisations are proper," the judge noted. The legal battle by Mr Mallya and co-defendants - his mother Lalitha and son Sidhartha Mallya - to hold on to the Cornwall Terrace apartment overlooking Regent's Park in London dates back to March 2017 when the five-year term on a loan from Swiss Bank UBS expired. The bank then proceeded to redeem the GBP 2.4 million unpaid amount of the loan, which was taken out by RCV. At a hearing in 2020, the London court confirmed that RCV re-financing its UBS loan was permitted under the WFO as it was in the ordinary and proper course of RCV's business. That application, however, did not consider the realisation of investments owned by Mallya trust entities to enable that loan to be made to RCV. UBS, which also managed the investments that were to be used, refused to allow those realisations because it feared that doing so might be a breach of the WFO. RCV therefore brought an application for confirmation that the realisations were permitted to enable the repayment of the UBS loan.London: The family of Vijay Mallya will be able to hold on to their luxury London home after a UK court ruled that refinancing of a loan by a family trust firm would not be in breach of the worldwide freezing order (WFO), in place against



Category :travel

5 Points On Japans Military Build-up And How It Will Strengthen The Country

5 Points On Japans Military Build-up And How It Will Strengthen The Country

- Japan unveiled its $320 billion security strategy last week, which includes which includes drastically expanding the island


More Wedding Pics On Nayanthara And Vignesh Shivans One Month Anniversary. Bonus - Shah Rukh Khan A

More Wedding Pics On Nayanthara And Vignesh Shivans One Month Anniversary. Bonus - Shah Rukh Khan A

- "Blessed to have this humble, kind, charming and wonderful human being with us," Vignesh Shivan wrote for SRK


Can You Relate To This? Gauahar Khan Shares A Hilarious Video On Fasting During Ramadan

Can You Relate To This? Gauahar Khan Shares A Hilarious Video On Fasting During Ramadan

- She highlighted what people think about how people fasting during Ramadan feel at the mention of food


Counting Of Bypoll Votes Tomorrow In 3 Lok Sabha, 7 Assembly Seats

Counting Of Bypoll Votes Tomorrow In 3 Lok Sabha, 7 Assembly Seats

- Counting will begin at 8 am under multi-tier security cover. At first, postal ballots will be counted and then EVMs opened.