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.
Comments
Burnol time for some people here.. Welcome to the Original Religion.
mr thogadia several poor adivasi hundus are embrasing islam and christaianity becuase of your caste system in hinduism. try to help these poor hindus.
Oh yeah!!! IN YOUR DREAMS....right.Happy dreaming Togadia!!!
oh, thogadya got wrong information may be 7.5 lakhs were converted to islam
Togadiya you doesnt know that more than 50 lkh non muslims embraced islam in last 8 years.
Whatever tricks they do to reduce Muslims, But, Allah made Islam to supersede all the religions of the earth. Allah is the best planner.
Mr.Togadiya is just following his master's foot step!! nothing new in his statement, Just look @ our honorable prime minister's statement before election and now?? look at our prime ministers statement when he was on foreign tours and when he is in our country!! only these people are fooling us!! don't give much attention for these types of ill mentality what they called leaders!!
Pravin Togadia being JAIN, why he did not convert to Hinduism before converting others to Hinduism?
Is he loosing his mental stability??
Not only Pakistani Hindus, but, they should bring back to India Srilankan Hindus, Bangladeshi Hindus, Nepali Hindus, Mauritius Hindus, Thailand Hindus, American Hindus, European Hindus, African Hindus, Middle Eastern Hindus etc., All the Hindus must come back to Hindustan. So, they will have majority.
its not new thing..........he is not true to himself..as he himself does not belong to HINDUISM. he is a Jain
Common innocent Hindus are fooled time by time.........even in Al jazeera interview Ram madhav told they do follow Hindu culture not Religion
Very very absurd news. Even if it happened, they don't know what is Hinduism and what is Islam, what is Christianity.
Go to Bombay's Maidan where dozens of educated Hindus are accepting Islam in public, without any pressure or greed.
The govt's seems itself shows Hinduism is diminishing and Muslim population is increasing.
Do whatever you want, the God' s real religion will rein for ever,
All man made fake religions will cease.
I THINK THOGADIYA HAD DREAM LAST NIGHT ABOUT THIS ,
PLEASE DONT JOKE TOO MUCH .....
RSS means liars and always lying. foolish people
Fun of the year... will reward him with \FEKU of THE YEAR\"... Jai ho..."
Muslims Worshiping ONE & ONLY GOD ALLAH, The True CREATOR.
ALLAH is the creator of all that exists, Even U Togadia.
Ye Togadia, stop spreading False news, People are not FOOLS to believe what U say.... U are old. Soon people will throw YOU and Your devils will also Forsake U.
Look for the TRUE GOD and ask his Forgiveness...
ALLAH will forgive all Sins if repented sincerely except SHIRK (associating partners with him)
STOP worshiping the CREATION and LOOK for the CREATOR. IF U R HOnest The CREATOR will guide U to know the reality of YOUR Idol Worship...
Muslims will never bow down to idols & shits & urine & monkeys- SiCK people will do such thing...
RESEARCH it if U are intelligent.
I think thogadia is totaly mental, in last 10 years more then 10 lakh Non muslims converted to Islam.
FAKE NEWS AGAIN & ONLY FOOLISH WILL BELIEVE....
togadia pagal, It's totally a fake news.
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