Crew on the Indian Empress were yesterday doing everyday chores, in spite of the fact that the superyacht’s owner is at the centre of an attempt by banks to recover €1 billion he owes them.
So far, the yacht has not been mentioned in any of the extensive international media reports on the colourful Indian tycoon Vijay Mallya.
Sources confirmed to The Business Observer that there was currently no court injunction preventing the superyacht’s departure from Malta.
The 95-metre Indian Empress –bought from a Qatari sheikh for a reported $113 million in 2006 – has been using a berth at Manoel Island marina for years, replacing Mr Mallya’s previous 55-metre boat Indian Princess.
Indian tycoon Vijay Mallya made his fortune through Kingfisher beer but things went rapidly downhill after his airline with the same name collapsed in 2012
It is not clear whether he still owns the yacht as unconfirmed rumours circulated in the superyacht world in 2013 that he may have transferred ownership to another entity, chartering it for his personal use for three months a year. The yacht is registered in Douglas, in the Isle of Man.
Mr Mallya fled to the UK on March 2, leaving over €1 billion in unpaid loans from 17 banks.
The 60-year-old Mr Mallya left India just hours before the State Bank of India started proceedings to impound his passport to prevent him from leaving the country.
He is supposed to appear before the Indian Supreme Court on March 30.
He is also wanted by the Enforcement Directorate in connection with money laundering charges, according to an Indian online news portal.
Mr Mallya made his fortune through Kingfisher beer but things went rapidly downhill after his airline with the same name collapsed in 2012. He still co-owns a Formula 1 racing team, as well as a home in the UK, and is a member of Parliament’s upper house.
Finance Minister Arun Jaitley told the Indian Parliament a week ago that the government had instructed banks to go “all out” in their efforts to recover the money owed by Kingfisher, pointing to cases of “wilful default bordering on fraud”.
