Skip to content
Search

Latest Stories

Submit Guest Post

Mallya loses $90 million aviation legal battle

Embattled liquor tycoon Vijay Mallya has lost another legal battle linked to his now-defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated $90 million in claims.

The latest case involving the 62-year-old businessman, whose extradition case over alleged loan defaults amounting to around Rs 9,000 crores (£1 billion) returns to Westminster Magistrates' Court in London on March 16, is related to the leasing of aircraft by Kingfisher Airlines dating back to 2014.


Justice Picken, in a judgment dated February 5 at the Business and Property Courts of the High Court in London, ruled that "the defendants have no real prospect of successfully defending the claim".

The defendants in the claim brought by BOC Aviation in Singapore and BOC Aviation (Ireland) Ltd have been named as Kingfisher Airlines Ltd and United Breweries (Holdings) Ltd.

"We are pleased with the judgment but would not like to comment further at this stage," said a spokesperson for BOC Aviation in Singapore.

The legal claim relates to a leasing agreement between Kingfisher Airlines and aircraft leasing company BOC Aviation involving four planes, of which three were delivered.

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

Palantir CEO Alex Karp

Alex Karp says artificial intelligence could deepen wealth inequality even as it transforms the global economy

Getty Images

Palantir CEO Alex Karp says those who'll really get rich from AI are people you wouldn't invite to dinner

  • Alex Karp believes AI will make a handful of people vastly richer while average workers see far smaller gains.
  • The Palantir CEO says the biggest winners from AI may be people most of society cannot relate to.
  • Other business leaders and AI experts have also warned that the benefits of artificial intelligence could become heavily concentrated.

Artificial intelligence may improve living standards, but it could also create one of the widest wealth gaps in modern history. That is the warning from Palantir CEO Alex Karp, who believes the biggest financial rewards from the AI boom will flow to a small group of technology insiders rather than the wider public.

Karp's comments come as the AI industry continues to attract record investment, pushing the market values of technology companies to new highs. The debate over AI wealth inequality has also intensified, with business leaders and researchers questioning who will ultimately benefit from the technology's rapid growth.

Keep ReadingShow less