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.
"We Hindus offer Lord Krishna's package to Muslims--give us 3 temples and keep 39,997 masjids. I hope Muslim leaders don't become Duryodhans," Swamy tweeted.
Bengaluru, June 21: Three youngsters lost their lives when an alleged wheeling stunt turned near Jakkur flyover in the city today morning.
Comments
Temple are filled with IDOLs, All idols doesnt speak, it cannot help itself, it cannot move,,,, & ALLAH say human are intelligent when they THINK. I wonder Y intelligent beings are not thinking ???????
VEDAS says NA Tasya Pratima Asti... There is no image, statues and pictures of God.. Why are u worshiping such thing which is life less.
WORSHIP THE CREATOR NOT HIS CREATION... (Quran speaks lot about our LIFE and the creation of all that exists..) If the creator says Mankind is intelligent .. Then FIND out Who is worthy of Worship rather than blindly following and worshiping the LIFELESS objects..
SEEK guidance from the one who gave us soul, Just say OH God, the one who gave me soul - GUIDE me to the TRUTH..
U will be on the path of those who are successful... GOOD LUCK May ALLAH guide those who look for HIM.
I say you give all your other temples to Muslims and keep that 3 temple.
BJP always keeps this Rama mandir issue open to contest in election, if they build Rama mandir issue is closed, then there will not be a big issue to contest in election. One thing is clear BJP wont build Rama mandir. They are following divide & rule.
BJP is counting downfall because of such morons in their party
And about this giving and keeping business....does he thinks that it's as easy as giving his daughter to a Muslim boy
Guys,
Why Swami is handling the Muslim community because his only one daughter ran away with Muslim guy that is why he is in pain so everywhere he is carrying that pain that he was not able to control his daughter. we should understand his pain. just ignore him.
Subramanya swine has nothing to do as his name is fading away from active politics, this is just a publicity gimmick.
He went on top list of jokers in BJP for this joke...see the pic, he himself is not controlling on his own joke..
He is a big joker, see how he is laughing on his own joke...
Swami dreaming in day time, Contraction of temple I am sure not in your this life. you should take a rebirth again.
To dear Fair Hindu Brothers,
Please have control on his tongue. Truly, he does not represent Hindu Community.
As in every community, there are black sheep. He could be one of them,
However once again, his comments has no bearing with Fair Hindus. The strange, why BJP does not want to stop such crazy leaders to be in their core committee.
Therefore even BJP is also not yet all representing real HIndus.
Now in India, we need a very strong party in the national level., like AAP in Delhi., consisting of like minded fair and open people. Let us encourage AAP in the next election.
In Delhi, they are success, God willing they can be successful in Centre.
A New deception to FOOL people & Unthinking saffron plan to loot. More deception will come when Elections are nearer & nearer...
Looting the country & destroying the peaceful society is the only agenda of Such LOOTERS...
Forget about 3 mosques, we will not give you a dust from them...
one of sardar's of stupid .... joker swamy :p
Susu Swami network begins for the year 2016..
Ye tho pagal swami hai. !
Why only such jokers are leaders in BJP.
BJP Credibility and fate of commons : Yatha raja - Ta tha praja.
It is better if this stupid concentrates himself on fixing unemployment problems around...temple construction is not an issue for people...
forget about 3 temples............even you can not get 3 hairs instead.............. if the Ram janmabhoomi issue is resolved , then saffronists have no issue to revolt innocents against Us
Swami very understanding Gentleman as well he assume Millions of Millions Hindustani's are big buffoons what he thinks so, probably he do not understand why Temples, Mosques, Churches or any other spiritual places, swami for you better stay in spiritual place as a puja that is best job for you or better to go Tamilnadu and join Cheala work very good or we have to have some different options to you Gentle man.
Jai Hindustan
election joke
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