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
@Thinker, Of course we(Muslims) are 'minority', but far enough to face 'majority' in the election. As the majority are split according into many caste.
Time is no far to unite the Muslims in 1 platform to gain the ultimate political power and i
MA SHA ALLAH Proud to be a MUSLIM! Many more people are there to revert In Sha Allah.. Its Allah who is helping us..
If you notice the statistics, all these communities belong to Hinduism and further these communities are treated as separate or individuals. The culture including worships are also different.
Where as Muslims have though different languages, they are considered as single community because of single method of worship where singular God is their one and only God.
Surprisingly because of this fact, their share is increasing due to attraction to people of other communities. There is no worry in the end, because gradually everyone will know the truth and everyone will belong to the same (that) community, so no difference and no communal hatred at the end.
\ It is HE who has sent the Messenger with Guidance and the religion of Truth, to manifest it Over ALL RELIGIONS, how much ever the unbeliever might not like it ....\" (Qur'an - Ch 9:33)"
Thinker Hell.....
Come out of hell..So called bramins are less in number but ruling all hindus in the name of God. And what else you want???
Beware dear..chaddeezz....
However the MEDIA malign MUSLIM with false images.... Muslims around the world are increasing and it will increase rapid in the coming Years In Shaa ALLAH. The irony is that Many people understood the MEDIA conspiracy did by the IT professional by Cheddi deceivers. Many people learnt more about ISLAM and the reality and the Fact. Muslims are growing not in their own but also many non muslims are converting to ISLAM by learning & getting knowledge of the CREATOR who created us... Those who worship the creator are successful. Those who worship the created things are need to learn who is our CREATOR who CREATED all that exists.
Frankly speaking I trust this portal (i.e. Coastal Digest) right from the beginning only because it published fact news to convey the readers.
Today when I read the above news I am really surprised to know the facts with figures. Even a common man can understand the political power of each community.
Though we (Muslims) constitute a huge number (75 Lac), Very sad know our M.L.A's are just 11 in number which is equal to nothing. Our community is very much backward in political power.
Currently 'Power of Powers' in one and only i.e. \ POLITICAL POWER\". Let all of us think and act for the uplift of the community & our fellow kannadigas by choose a existing political party in fray."
In sha allah soon it will come to No 1 Place
please convey this messege to other media, they have lack of knowledge in getting news
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