Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
Fugitive businessman Vijay Mallya, facing fraud and money laundering charges worth ₹9,000 crore, has opened up for the first time in nine years about the fall of Kingfisher Airlines, the allegations against him, and his life in exile.
Speaking on a podcast hosted by YouTuber Raj Shamani, Mallya issued a rare public apology to his former employees, while firmly denying any wrongdoing.
Global financial crisis led to Kingfisher's downfall, says Mallya
Mallya began by revisiting the collapse of Kingfisher Airlines, blaming the 2008 global financial crisis for triggering a chain of events that led to the airline's downfall.
'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he said.
'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit,' he added, pointing to broader economic distress that severely impacted aviation and other capital-heavy industries.
'Was told not to downsize': Mallya blames government for loan spiral
Launched in 2005, Kingfisher Airlines quickly became known for its premium service and lavish branding.
However, as economic conditions deteriorated, Mallya claimed he approached then finance minister Pranab Mukherjee with a downsizing plan to save the company.
'I went to Shri Pranab Mukherjee... and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he recalled.
Mallya claimed his proposal was turned down. 'I was told not to downsize. You continue, banks will support you. That is how it all started,' he said.
'Kingfisher Airlines has been forced to suspend all of its flights. Kingfisher Airlines has been struggling. At the time when you asked for a loan, the company was not doing that great,' he added.
'I take full responsibility': Mallya issues rare apology to staff
In a widely circulated clip from the podcast, Shamani asked Mallya what he would say to the former Kingfisher employees who lost their jobs and still hold resentment.
Mallya responded with an apology. 'I would say I am deeply sorry for what happened to them. I would say that I am deeply sorry that some of them didn't get paid their salaries. I have no excuses to offer. I take full responsibility,' he said.
He further claimed that funds meant for employees were blocked. 'The court had the money. I filed a petition to pay employees' dues. The banks and court rejected it,' Mallya alleged.
'Call me a fugitive, not a thief': Mallya rejects 'chor' label
Mallya also pushed back strongly against the public perception of him as a criminal.
'Call me a fugitive for not going to India post-March 2016. I didn't run away, I flew out of India on a pre-scheduled visit. Fair enough, I did not return for reasons that I consider are valid,' he said.
'So if you want to call me a fugitive, go ahead. But where is the 'chor' thief coming from? Where is the 'chori' theft?' he asked.
Mallya claims banks recovered more than what he owed
Now residing in the UK since 2016, Mallya is fighting extradition to India.
He has repeatedly maintained that Indian banks have already recovered more than what he allegedly owed.
Earlier this year, in a submission to the Karnataka high court, Mallya claimed that the ₹6,200 crore owed to Indian banks has been 'recovered multiple times over'.
He also demanded a comprehensive accounting of all recoveries from himself, United Breweries Holdings Limited (UBHL), and related entities, which are now under liquidation.
May return if assured a fair trial, says Mallya
Asked whether he would consider returning to India, Mallya stated, 'If I have a fair assurance of a fair trial and dignified existence in India, I will think about it seriously.'
You can watch the full podcast here. (external link)
Feature Presentation: Rajesh Alva/Rediff
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