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.
"Smriti Irani's convoy rammed into our car. She came out. I begged her for help but she left," Dr Ramesh Nagar's daughter Sandili said.
Comments
Kahani Ghar Ghar Ki actor has become the Tension Galli Galli Ki
drama queen, MERA DESH MAHAN,
I fear the honest indians who vote such politicians to think before YOU give your valuable votes.. Almost most of the Sanghi leaders are openly Lying to the PUBLIC without hesitation and YOU expect them to SAVE U ... Its impossible..if they are involved in continues LIES then dont expect them to be saviour of your religion... NOTE this and dont fall trap to their Crocodile cry for religious sentiments... its only FEKU ... There is a evil agenda of Sangha to bring back DEVADASIS and SATI and rule over U.
How can she help to the victim,when her heart itself refused to do it.Please do not blame the Innocent Human resources and development indian highly educated minister.
All bad characters are lie inside her.
Selfish, liar, go to any extent for money,....etc.
This is the real face of All Sanghis. Words and deeds pole apart. Afterall she is MANU-SMRITI IRANI.
She is so selfish! People thought actress will have good heart, unfortunately she doesn't...
Real face of NARAHANTAKI ........she do not know the difference between REEL life and REAL life..... Bechari fas gayee, trapped,, worshipper of Durga doing like this....
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