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
99% Muslims over all do all haram business.... Monarch is prohibited.. still saudi has monarchism ..... Idol worship is haram... u will find highest darga in India...... Interest is haram... 90% of bank borrowers and lenders are muslims..... highest default and interest payers in bank are muslims ... are Muslims..... ... my dear brothers before saying haram and halal.. first lets be perfect and then talk about haram and halal.....
#ummar,
Idol worshiping is forbidden in Islam, to support it or fecilitate it by any of the way is forbidden or it is like supporting idolatery,,,
Regarding your examples, prayer by Khalifa Umer or any muslim , at any place of clean is allowed , if there is no any idolatery supported images or any articles....and same way in islam , it is forbidden to harm any non muslim worshiping places...as mentioned by your second example...
This is surely Interest money, Bank Interest is Haram in Islam, Many Muslims have disputed land in their posses. these land either they have to give on charity or live for the Govt. So better to give to Ram Temple since Ram temple is very less in our country comparing to Snake temple and Monkey temple...Useless Muslims who did this all of them reserved places in hell surely Almighty Allah will punish them severely Insha Allah...!!!
NA TASYA PRATIMA ASTI... For Sure it means there is no image of GOD.
Ram is a HUMAN and Human has a picture. And U go against the VEDAS.
I think this guy want to deviate the locals & himself far from the TRUE GOD, who says God forgives every SIN except associating PARTNERs with him.
May ALLAH protect us from associating PARTNER with him knowingly & unknowingly.
@pleasant ..
U cannot says suddenly that shirk bec we have example here
some Christian community came to Makkha to meet our prophet saw wen they came they asked the place to pray ... Rasool saw arranged and gave them the plac
They are doing shirk. This is very bad manner.
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