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More bad times ahead for Mallya as Diageo to withhold $35 mn, recover dues

In 2016, Diageo had entered into a $75-mn sweetheart deal with Mallya and paid him $40 mn upfront

Vijay Mallya, Westminster Magistrates Court , London, extradition hearing

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Former Indian politician and billionaire businessman Vijay Mallya, centre, arrives for his extradition hearing arrives at Westminster Magistrates Court in London.

BS Web Team New Delhi

Last Updated : Jul 17 2017 | 1:32 PM IST

There is more trouble ahead for Vijay Mallya as Diageo Plc has decided to withhold the remaining $35 million of the $75 million amount it had agreed to pay the absconding businessman as part of a settlement, the Economic Times reported on Monday. The reasons cited include charges against Mallya for financial misappropriations from United Spirits Limited (USL) and fund diversions.

Instead, according to the report that cited two Diageo executives, the world's largest liquor company will move to recover dues from Mallya. Diageo, according to the report, is looking to recover the $135 million it

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