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2018-07-28 11:14

NABBED! Indian business tycoon Vijay Mallya and owner of the Force India Formula 1 team will face a litany of money laundering charges in his home country. The F1 team has been placed into administration. Image: AFP / Oli Scarff

The Force India Formula 1 team will compete at this weekend's Hungarian Grand Prix, despite being placed into administration, the BBC reported

Chief F1 reporter Andrew Benson tweeted Saturday morning that team co-owner sent a message to the team stating that driver Sergio Perez had initiated the proceedings. 

5th place in world constructors' championship

Perez earlier this week told F1 reporters: "The situation is critical. Financial problems are now holding back the progress of the team. Despite the difficulties, we are fifth in the world championship and this shows what great potential we have."

According to the report, the team owes the holding company close to £160-million.

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