The Hindustan Times is reporting that the golden handshake that Vijay Mallya signed with Diageo means that his involvement in the Formula 1 team is now over. It says that Watson Ltd, the Mauritius company that owns Mallya’s shares in the F1 team’s holding company, is now owned by Diageo, as the result of an unpaid loan of $135 million from Standard Chartered Bank for which Diageo stood as a guarantor. Watson defaulted on the loan but remained liable for all amounts paid. Watson owns 42.5 percent of the team. Another 42.5 percent is owned by Roy Subrata Sahara, currently in jail in India, who says that he wants to sell his shares. The remaining 15 percent is owned by the Mol Family, which was involved with the team during its Spyker era.

Share this:

Tweet



Email

Related