London Court Orders Mallya To Pay 150K British Pounds To Company Which Got Sponsorship For His Formula 1 Team
By : Legal Era
Update: 2019-10-03 11:29 GMT
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[ By Bobby Anthony ]A London commercial court has ordered absconder and willful defaulter to pay 150,000 British Pounds to AMP Marketing.AMP Marketing is an intermediary which had secured Mallya’s Force India Formula 1 Grand Prix team, a sponsorship worth more than 1 million British Pounds, from an Austrian water company in 2017. AMP was supposed to receive a 12% commission on the deal,...
A London commercial court has ordered absconder and willful defaulter to pay 150,000 British Pounds to AMP Marketing.
AMP Marketing is an intermediary which had secured Mallya’s Force India Formula 1 Grand Prix team, a sponsorship worth more than 1 million British Pounds, from an Austrian water company in 2017. AMP was supposed to receive a 12% commission on the deal, which Mallya failed to pay.
The commercial court based in ruled that it found some of Mallya’s evidence under cross-examination “unconvincing”.
It may be recalled that Mallya’s Force India team collapsed into administration before the 2018 Grand Prix season and was purchased by Canadian billionaire Lawrence Stroll, who renamed it Racing Point.
Mallya’s final appeal against extradition to India where he faces charges of fraud and money laundering involving an amount worth 1.15 billion British Pounds is set to be heard in February 2019.
However, in the meantime, Mallya remains on bail with his assets frozen worldwide, though he continues to consistently deny all charges.