30th January 2020
On 27 January 2020, the Admiralty Court (Mr Justice Teare) handed down judgment following a trial of an in rem trial brought by the Qatar National Bank against the owners of the yacht Force India. The court found that Gizmo Invest SA, a company associated with Dr Mallya, had failed to repay its loan given by the Qatar National Bank for the purchase and development of “Le Grand Jardin”, a luxury mansion on the Island of Sainte-Marguerite and that, as a result, the Qatar National Bank was entitled to enforce its mortgage over the M/Y Force India.
The judge ordered the sale of the M/Y Force India, a yacht said by the Mallya family to be owned by Dr Mallya’s actor/director son Sid Mallya. Gideon Shirazi acted for the Qatar National Bank in successfully obtaining this judgment at the trial.
Dr Mallya was a former Indian MP and the founder of Kingfisher Airways and Chairman of the United Breweries Group. A consortium of Indian banks is separately pursing Dr Mallya for over £1bn.
The full judgment is available here.
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