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A financial Court in London has asked Force India (which is now in liquidation) of Mr. Vijay Mallya to compensate one fifty thousand pounds to the middlemen, who had facilitated him to bag the Pink Panther BWT sponsorship deal(under which the cars were made to change its colour to pink), whose cost runs into millions of dollars.
Force India is a formula one racing team and constructor which is based in the United Kingdom but possess an Indian license and is partly owned by the now notorious Indian businessman, Vijay Mallya. The broker, AMP Advisory and Management Partners, will now be paid a sum amounting to one thirty lakh rupees if converted to Indian currency for being a broker for the above-named sponsorship deal with the Best Water Technology Group (BWT). BWT is an Austrian company, with its headquarters situated in Mondsee and is one of the prominent manufacturers of water treatment systems throughout the whole of Europe.
The AMP Advisory and Management Partners claimed that they have shelled out money that can worth seventy-four million pounds in order to contribute to the sponsorship deal if it had gone through the full term of one year, which is not paid to them, thus suing Force India in the Court to compensate the amount. It has also been reported that the basis of the compensation is not a formal written contract that has been signed, but a written commitment towards it. However, on the other hand, Force India denied the allegations against them and contended that Toto Wolff had helped them to get the contract with BWT. Toto Wolff owns 30% of the shares in Mercedes AMG Petronas Motorsport Formula 1 team and the chief executive officer of the team. Force India denied any role of the brokerage firm in helping them bag the contract. AMP, however, put forward their argument to allege that Force India had an agreement with them to pay a commission of fifteen per cent of the fee of sponsorship and after that twelve per cent.
Photo credits: planetf1.com
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