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
Good to see new names occurring to defame Minorities.. Keep going guys.. I guess many new names are on the way still to mock Minorities.. Good luck.. God Bless you..
Some in this thread are proud of being Hindu Nationalist and people like me are proud being Indian Muslim...
And thats why my country name comes first.....
Nevertheless, the so called fake bajrangis. chaddis etc... can't be called patriots of our country. because they dont beleive in unity and they always want to divide country in the name of religion and no matter how much they try.....they will never be successful
As a Hindu, I am proud of Nikhithraj , who had expressed anger against those who raise anti-national slogans and backstab motherland. Whatever my friend Nikhithraj had said that is 100% correct.
A SIMPLE TRUTH
80% of JNU students are Hindus, that is also from Northern India, where Northern India called as Hub of Hinduism.
How these people can be anti national or committed sedition.
The students and staff both are against the central gov't. They are indeed intelligent students, staff in JNU, unlike some others.
You Bhajees label yourself as the only Patriots and others as anti nationals. If you are a true patriot, be obedient to the National constitution. Even you are not a pure Hindu. You are spoiling the name and image of Hindu culture. Because of your ideology Hinduism is very faster diminishing and other religions like Christianity and Islam is growing at the fastest rate which was never before.
Any way, if not you, at least your offspring are coming out from your clutches and following the right path but not your portrayed Hindu culture. They will be real Hindus. If they are real Hindus, then they will choose what they have to be.
Its nice to see so many Hindu brothers and sisters are gathered in colourful function ...what is the main agenda behind this kind of gathering to prove what ? Provoke one community against another ? .. Its true government should take an proper action against goons who had called anti national slogan .. and its clearly shown who were there behind this drama.
As we all seen SDPI or any of its wing never done something wrong which divide india or effect our Indian democracy and it seems they are the who trying to save indian secularism, but we feel RSS and its wings always tried to divide india by religion or cast and they always raise their saffron flag instead of Tricolour Indian Flag.
People should think about political , religious or any party leaders, they are getting their daily bread from where ? Look at the past history of MP, MLA and other members ..they all given hate speech and recognized by people and later they forget them as well.
here we should use our common sense.. regardless of religion for our daily bread and other things we common man should work hard.. there is no logic behind hate one another ... no single common person will get tax free life, no one will wave up our utility bills or supply daily food ... so we all should stand as Indian to show the power of India ..
Hindu Samavesha - only hate and politics speech????
No any good message from the Hindu religion??
IF RSS AND BD HAS REAL LOVE TO OUR MOTHER LAND INDIA THEY NEED TO RAISE THE NATIONAL FLAG NOT THEIR SAFFRON FLAG ..
Y R U RAISING THE SAFFRON COLOR FLAG PLEASE DONT TEACH US THE TO LOVE THE NATION WE KNOW VERY WELL THAN UU
WE MUSLIMS AND CHRISTIANS AND OTHER RELIGIONS WE KNOW.. WE LOVE OUR INDIA MORE THAN UUUU ,
YOU ARE ACTING LIKE THAT U R THE ONE RSS AND BD WHO DIRECTLY FIGHT WITH BRITISH AND MADE INDIA INDEPENDENT..
.
U R ANTI NATIONALS ATTACKING CLUB, LADIE, BAR , COLLEGES SCHOOLS, BEEF EATERS, CHURCHES, MOSQUE ..
DID U HEAR TILL NOW THAT CHRISTIAN AND MUSLIM COMMUNITY ATTACKED THE TEMPLE, BARS, CLUBS? AND BECAUSE OUR RELIGION DOES NOT TEACH US THAT TO ATTACK THE INNOCENT ..
U R THE ONE WHO EDITED THE AUDIO OF JNU TO ANTI SLOGAN NOT US AND IT PROVED......
THIS IS U R ACCHE DIN WHA WHA WHA... U RECIEVED BIHAR RESULT RIGHT WAIT AND SEE IN FUTURE,,
SDPI is a part of BJP, they help gain more seats in recently held election....
oppose modi, oppose BJP, oppose RSS but dont support Pakistanis or who wants to divide India whose slogans are anti national.
anti-national elements who shouted anti-India slogans, should be detained quickly.
Anti-national slogans r not at all good.. But what our govt.is doing? shoot them to kill.
totally wrong statement.
My heart cries after seeing those people who shouted anti national slogans. Shame on you.
who gave rights to univ students to endorse anti India slogans, congress gaining, but still loosing, truth always stand next to BJP
Anti National Slogans are Minor Issues\ - Paid MSMS YET they all are barking endlessly over this issue!! Strange!"
Freedom of speech doesn't mean you raise anti-national slogans.
If anti-national slogans are raised & then they are supported,I think there can be nothing worse than that
I feel angry over anti-national slogans raised in some universities. this people should be in jail for life time.
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