UBI declares Kingfisher tycoon Mallya wilful defaulter The United Bank of India (UBI) declared flamboyant and indebted tycoon Vijay Mallya a ‘wilful defaulter’ today, dealing another blow to Kingfisher Airlines. A top official at UBI confirmed the decision, which comes nearly two years after the airline lost its licence to fly when it failed to end a strike by staff who had not been paid. Kingfisher’s debts run up to nearly $1.5 billion owed to banks, airports, fuel suppliers, staff and others. Out of this, an estimated $60 million is owed to UBI. READ MORE: shar.es/1154lT
Posted on: Tue, 02 Sep 2014 03:33:18 +0000
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