Kingfisher Airlines NPA~Exposes Political & PSU Banks Nexus to Lend against Brand
It was clear to me right in 2009 itself of the danger of lending against the Kingfisher Airlines Brand
This was my Warning on July 23,2009
Thursday, July 23rd, 2009
Multiple Posts on my views on the KFA Debacle & Vijay Mallya have been categorised above under Kingfisher Airlines ~Machiavellian Mallyas
KFA was my case study at several Seminars & Workshops where I warned that it was on it’s way to becoming like Global Trust Bank that vapourised and the over 2 lakh shareholders should exit immediately and potential aggressive investors should not get seduced to buy into it !
Who will now bell the Cat and reveal why the PSU Banks actually lend to KFA,especially under the intangible Brand which Grant Thornton had valued at ,I believe US $ 750 m! ….. the Banks were unable to monetise this to recover their dues !….no surprise here at all !….makes to recall how E & Y had valued in just One Day(Company Law Board had pulled them up for this) the Properties at a value in the Satyam-Maytas Deal to fill the hole in Satyam Balance Sheet ! ….in fact the Banks even converted Part Loan to Equity at Rs 64 !
Clearly Vijay Mallya’s Proximity to Political Leaders had a hand when the Loans were given & even till date this Proximity is the reason for his continuing arrogance and brazenness ! …. his Rajya Sabha MP Candidature from Karnataka as an Independent was supported by a few Political Parties just to defeat the Nominee of another !
I can only surmise that the Glitterrati,especially those who celebrated with him his 60th Birthday in Granduer, & continue to fawn over him and defend him and his son ad nauseum in columns and on debate panels on TV News Shows have been and/or continue to be beneficiaries of his largesse with public funds,if i daresay ! ~ Nothing is Free !
Shame !!! ~on these 17 Banks & the many years it has taken them to declare KFA & Mallya as a wilful defaulter & seek his arrest….investigate who in the Banks was responsible to lend in the first place !…the truth will be revealed then as to why they lend & who made them !
Shame !!! ~ on those defending Vijay Mallya…a lawyer on a panel says to follow due process of law….another says he will pay !….if the due process of law was followed in time then Vijay Mallya would have been history by now !….the irony is that the victims,the KFA Employees ( a captain on a panel voiced this) want him free so he’s able to pay them their dues….for if he goes behind bars so goes their hopes!….a stock market scamster comes to mind who was arrested & convicted as he owed the banks heavily but has been on bail on an Apex Court Appeal now pending for years and has been able to repay the Banks despite his accounts being frozen ! ~ tacit!? …think about it !….manipulated & rigged stocks & got into trouble….then manipulated & rigged stocks again to repay !….the World is round indeed !