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
Look at the Khazi,
I remember back in mid 2000 he was based in BC road or Bantwal somewhere....
MAY ALLAH GUIDE HIM TO THE RIGHT PATH OF ISLAM
Racing to narga.
Race to narga.
Foolish people.
Tussle for power and Money!
These Khazis and Thangals must focus on other issues of the community instead of wasting time in such stupid subjects, Dargha means business nothing else.
@Sini Mol.
It is permitted to enter women into masjid in Islam. In gulf countries there is a separate place devided in the masjid for women to pray. It is common in all the public places that provides women a separate place, like bus seat or in the a
when will Muslims abandon darga which has no place in Islam ?
Haha Fooolish People.. Let the wrath of Allah be on the Grave Worshipers who is not ready to accept the truth.
Allah Messenger (SAWS) you will indeed follow the way sof those you, hand span by hand span, and an arms length after another. Even if they enter the lizards hole,you will follow them. We (the sahaba) asked is it the jews and christians? He replyed who else!.
One more thing
Enklena boka niklena dever de difference ijji. Enkelna dever kulder...Niklena dever Jaider - Unknown
Please ponder!!
@Sini Mol,
For your kind information, Islam not at all prohibited women to enter Masjid. I can quote many hadith about this. Some of the Pseudo Muslims in our country opposing this. They are doing opposite what Islam says. E.g. Women are not allowed
Dear
Believers NEVER despairs, They already KNOW the FITNA (trials) of this ERA... and Most of the MUSLIMS never understand such FITNA unless they FIRMLY GRIP their FAITH in ALLAH. (They will never bow or ask with the dead or to get barakah from the GRAVEs)
BELIEVERS SOLELY believe & Depend on ALLAH alone.... ALLAH is enough for them. May ALLAH include us in that Group.
They already know everything is with the permission of ALLAH, They already know cos the Prophet Muhammad pbuh said that a time will come that the BELIEVER will be very FEW but MUSLIMs will be a lot...
This TUSSLE is for the GOOD... Most of the MUSLIMs understood the POWER OF MONEY. They REALISED Who is working for the MOney and who is working for the FAITH.
RESPeCT the Auliyas the way prophet Muhammad pbuh taught us. Not the way which was never seen in the times of the SAHABAS... and the 3 generations... We might fall into SHIRK (Associating partners with ALLAH) . May ALLAH protect us from falling into SHIRK unknowingly...
Alibaba Chalees chor
I heard that Womens are not allowed to enter the Mosque.But i could see ladies Walking around the Mosque in last Picture.Can any one tell me is there any different in this Mosque.
Im a regular follower of Dr.Zakir Naik where he says in his speech that it is permissible for womens to enter the Mosque to pray with Allah. As Prophet pbuh wife's used to go.But in Kerala Women are not allowed.Muslims follow same Quran then why there is two rules in Islam. Please explain.
Shameless creature.....money speaks....
Look at khazi's face he doesn't like to see their face (Elected Peoples) which means he is not satisfied with them
PRESIDENT FOR CENTER OF SHIRK...????? NAOOZUBILLAH.
Any credibility left with khazi Khoora Thangal?
finally its end, congrats to newly elected president do good development to the dargah.
It is very sad to see that our people worshipping the thieves.
Who is this khazi and other leaders in ullal? All these people are mallus. They dividing the people in Mangalore.
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