In his first interview in nearly a decade, fugitive businessman Vijay Mallya opened up in a four-hour podcast with Raj Shamani, addressing controversies surrounding the Kingfisher Airlines collapse and loan default saga.
Mallya claimed he offered four settlements between 2012 and 2015, all of which were rejected by banks, particularly the State Bank of India (SBI). “They wanted the full ₹14,000 crore, so my proposals weren’t accepted,” he stated. Mallya stressed, “I never said I wouldn’t pay. I always intended to settle.”
Refuting charges of willful default, Mallya said that Kingfisher Airlines was the borrower, not him personally. However, he had personally guaranteed the loans, and UB Holdings injected ₹3,000 crore in cash to keep the airline operational. “A thief doesn’t give personal guarantees,” he added.
Responding to allegations of fund misappropriation for luxury and Formula 1, Mallya questioned why his capital infusion isn’t acknowledged. He thanked then Finance Minister Pranab Mukherjee for supporting Kingfisher’s loan appraisals despite weak financials, and clarified that SBI became a lender only after the merger with Deccan Aviation.
He claimed that ₹14,000 crore recovered by banks includes his personal shares, stocks, and real estate, disputing the narrative of siphoning public money. Documents shown during the podcast from the Debt Recovery Tribunal supported his stance.
In a post on X, Mallya apologized to Kingfisher employees and expressed disappointment over the government-driven narrative he believes shaped public opinion.
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