UBS Can Take Tycoon's Property If £20M Loan Not Repaid

Law360, London (May 15, 2019, 8:36 PM BST) -- A London judge has given UBS AG the go-ahead to take possession of a residential property owned by Vijay Mallya, an Indian beer tycoon fighting extradition to his home country on fraud charges, if an outstanding £20 million ($25.7 million) loan is not repaid by April next year.

The Swiss bank sued Mallya, the Indian beverage magnate and co-owner of the Force India Formula 1 team, and Rose Capital Ventures Ltd., a limited company registered in the British Virgin Islands, for ownership of the house, which was used as security for a loan the firm took out with the bank in...

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