Accused of molesting 13-yr-old girl, Kabaddi coach hangs himself in hotel room

Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.

“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.

“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”

The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.

The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.

Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.

Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.

“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.

Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”

Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.

Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.

“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”

Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.

There is a “very substantial risk they will never get it back,” Howe said.

Mangaluru, May 30: Coastal district of Dakshina Kannada today recorded third covid-19 death as a 67-year-old woman from Bantwal taluk succumbed to the coronavirus at the district Wenlock Hospital, the designated Covid hospital.

The victim is said to be a neighbor of two women (daughter-in-law and mother-in-law) who died of the coronavirus a few days ago. 

On April 18 due to difficulties in breathing, she was rushed to Wenlock Hospital, where she was tested positive for coronavirus. Initially she responded to treatment. However, her condition started worsening earlier this week and breathed her last today evening.

Her daughter also has been tested positive for the deadly virus and she is currently undergoing treatment. 

Bengaluru, May 24: Karnataka Tourism Minister CT Ravi said that coronavirus lockdown has severely marred the tourism industry in the state and the government will revive it in a phased manner.

"It would be beneficial if hotels are opened keeping in mind few restrictions. At present, the tourism industry has fallen flat making it very difficult to promote tourism in the state," Ravi said.

"Our department has planned to promote tourism in a phased manner. In the first phase, we would focus on native tourism; then in the second phase, we will promote inter-district travel; in the third phase, we will put weight behind inter-state tourism and in the fourth phase, we would be promoting international travel and tourism," he added.

Karnataka's COVID-19 count surges to 1,958 with 216 new cases of the virus reported in the last 24 hours, said the Health Department in a bulletin on Saturday.

Out of the total number of cases, 1,307 patients are active cases and 608 patients have been discharged. The total number of fatalities due to COVID-19 in the state has risen to 42.