“King of Good Times” Could LOSE $93 Million Dollar Superyacht Indian Empress: Indian tycoon Vijay Mallya, dubbed the “King of Good Times” in his native country, could lose his superyacht, the 95-meter Indian Empress, following its impoundment by the maritime union Nautilus International on the island nation of Malta. Port officials prohibited the yacht from leaving Malta’s Valleta Harbor after the Indian Empress crew withdrew their labor.
According to the crew, Mallya has not paid them since September, with an estimated $1 million in unpaid wages owed to them. Among the crew are Britons, Indians and Eastern Europeans.
Mallya is the man behind Kingfisher beer and the failed Indian airline bearing the same name. He also has a stake in the Formula One team Force India. Mallya is currently fighting extradition to India where he faces fraud charges involving £1 billion of debt involving loans for the failed airline. He allegedly laundered money through numerous European banks and diverted the funds to tax havens.
Danny McGowan, strategic organizer of Nautilus International, said the crew had no choice but to ask the courts to impound the Indian Empress, which is registered in the Isle of Man. Nautilus International has also reported that Mallya has abandoned the yacht. The developing situation could become a landmark case that could see the financial security provisions of the Maritime Labor Convention enforced for the first time in the superyacht industry.
According to Nautilus International Director of Legal Services Charles Boyle, the organization has become increasingly involved in cases, where crewmembers have experienced exploitation and abuse. The convention is considered a safety net for all workers at sea. Nautilus has secured an initial payment of $615,000 for four months of back wages via the Norwegian protection and indemnity insurance specialist Skuld. An additional $330,000 is still owed to Nautilus union members, while non-union crewmembers are also owed hundreds of thousands more. Indian Empress will be held in a maritime lien until the remaining wages are paid.
The superyacht, built by Oceanco in 2000, is valued at approximately $93 million USD. She was originally built for the Prime Minister of Qatar who christened her Al Mirqab. Mallya acquired her in 2006 and renamed her Indian Empress. She was Oceanco’s flagship until the Dutch shipyard launched the 110-meter Jubilee in 2016.
Indian Empress had a major refit in 2016. She accommodates 12 guests and 30 crewmembers in a 3,176 GT interior. She has an entire deck dedicated to the master suite that includes a gym, sauna and steam room. The superyacht also reportedly has two Mercedes-Benz cars on board, as well as several paintings by Renoir and Chagall.
Mallya also reportedly owns the classic yacht Kalizma, built in 1906. Actor Richard Burton purchased Kalizma in 1967 as a gift for his wife, Elizabeth Taylor.
The Indian beer tycoon is reportedly on bail and currently living in a mansion in the Hertfordshire village of Tewin, about 20 miles north of London.
Start Searching For Your New Mega Yacht Today
Check out Hundreds Of New Yachting Articles Updated Daily On the 4Yacht Blog
4Yacht is a Professional Yacht Broker Located In Fort Lauderdale Florida and specializes in Yachts, Mega Yachts, And SuperYachts.. Visit our website today to discover YOUR next yacht https://www.4yacht.com
