Mallya’s court struggle to keep his Cornwall Terrace property overlooking Regent’s Park in London began in March 2017, when the five-year term on a loan from Swiss bank UBS ended.
Vijay Mallya’s family will be permitted to keep their beautiful London house after a UK court found that refinancing a loan by a family trust business would not violate the worldwide freezing order (WFO) imposed on the ailing liquor magnate.
Rose Capital Ventures (RCV), a British Virgin Islands corporation affiliated to the Mallya family trust that owns the Cornwall Terrace property in central London, filed an application in the London High Court last Friday, which was heard. The Cornwall Terrace house in central London is owned by the Siddharth Mallya family trust. The dispute began in March 2017, when the five-year term on a loan from Swiss bank UBS came to an end. The bank subsequently moved to redeem the unpaid GBP 2.4 million loan amount taken out by RCV. As a result, RCV filed an application for confirmation that the realisations were permissible in order to repay the UBS loan. RCV’s plea for confirmation that the realisations were approved in order for the loan to be repaid has been postponed until later in the week.