SBF’s Multi-Million Dollar Jets Set for Forfeiture
PROCESS
The Serious Fraud Office (SFO) of the United Kingdom has launched a civil and criminal investigation into the activities of Mr. Vijay Mallya, the former chief of the now-defunct Kingfisher Airlines. The multi-million dollar Jet, along with other assets of his, is set to be forfeited by the UK authorities as part of the process.
The SFO began its investigation into Mr. Mallya’s assets last year to determine whether the businessman had misappropriated funds or other money from the airline. The aircraft, the Kingfisher Jet, was one of the assets which was subjected to scrutiny.
The SFO believes that the aircraft was acquired using Kingfisher Airline funds that had been misappropriated by Mr. Mallya and / or other individuals. It is thought that the Jet was used for Mr. Mallya’s personal use and not for business purposes.
The investigation is still ongoing and details of any findings have yet to be released. However, the SFO has stated that they will take the necessary action to ensure that the misappropriated funds are recovered. As such, the Jet is likely to be forfeited in order to ensure the full return of the funds.
The Jet is estimated to be worth around $50 million and is just one of many assets owned by Mr. Mallya that are likely to be subject to forfeiture. Other assets that are likely to be placed under similar scrutiny include his luxury homes in London, racehorses, and art collection.
It is unclear at this time what will happen to the Jet and other assets that are forfeited following the SFO’s investigation. They could be sold off to reimburse the airline or frozen until the full extent of Mr. Mallya’s misappropriation has been determined.
In the meantime, the SFO’s investigation into Mr. Mallya’s assets continues and the Jet remains the subject of scrutiny. As the investigation progresses, further details regarding any potential misappropriation of funds and any related penalties that may follow could be released.