Vijay Mallya’s family will be able to retain possession of their luxurious house in London. A UK court has ruled that debt refinancing by a family trust company is an acceptable transaction. Rose Capital Ventures (RCV), a British Virgin Islands company affiliated to the Mallya family trust, had filed an application in this regard in the London High Court, which was heard last Friday.
This trust has Cornwall Terrace property in central London. Judge Simone Rennie QC ruled that refinancing is an acceptable transaction intended to invest in a prime property in London. The judge held that the proposed transaction was fair.
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