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
Kotiaan brothers did not see the carrot saffron shakes video of aseemanada and Nithyananda rapes....ha ha...he loves Arab porn...like all sangheez even watch in Parliament....
Piece loving nation ..haha. ..I also saw the video where Arab milk shakes raping indian women maids from Hyderabad ..
Dear Satya Vishwas...
U are right but what We muslims need to Present the TRUE message of ISLAM to the public as well as the cheddis .. cos they are carrying in their mind the ISLAM which is taught by the Cheddis.. which is dumping them deep into darkness (hate, jealousy, crime, looting, lies and etc) as well as the society.
So we should educate whatever way to spread the real msg of ISLAM to the cheddis as well as the non muslims ...
When we present the true message atleast few may reflect who are honest.. in their hearts. ALLAH guides those who are honest in looking for God.
Why CD readers bother about this Phycho person;(Phycho Viren) this man must be admitted Kankanady hospital for his brain wash in Vande dot CLOREX muthram.
dear all CD readers : please do not react , or comment to viren kotian just neglect him,BECAUSE HE IS DEPLOYED by RSS to ignite and provoke minorities, so if we react to his inhumane comments he and his dirty mind followers enjoy it.And they are successful in their mission, and also he get highlighted , so why to give him unnecessary (un) popularity.
REMEMBER THAT IF YOU THROW A STONE AT LOOSE SHIT (VIREN) IT SPREADS ALL OVER .
so lets not waste our valuable time by arguing with the inhuman viren.
Viren Kotian , seeing your comments i understand that a deluded understanding is giving such a buncombe, please understand such swaggering appears unarmed for a rational discussion.
kindly refrain
Vande matram means cheddis bow down to the mother land...
What islam says
ALLAH is the lord of all that exists, U me and all that is in between the earth and the skies..
We Muslims bow down to ALLAH alone and nothing else , Even not to our respected prophets or our mother who gave birth to us...
We love our prophets,
We love our mother
We love our mother land
but we will never worship our mother land...
ALLAH created us and We bow down to him alone.. Please dont ask me to bow down to the motherland which is also a creation of ALLAH...
ALLAH forgives every sin with true repentance but associating partners with him is the biggest SIN... which is a way to hell and Please dont drag us Muslims to that destination... Sorry I believe ALLAH as my lord, Muhammad pbuh and all the prophets as my messenger and Islam as my religion....
Please VIREN when U worship the mother land, U actually denying the TRUE GOD ... I request U to look who is our CREATOR which VEDAS also mentions \NA TASYA PRATIMA ASTI\" there is no image of GOD...
IF you are honest in looking for the CREATOR , God will Guide U ... Atleast make some effort to look for the creator of all that exists.. Dont just worship the man made creations and animals and live a life unaware.. QURAN challenges mankind to bring a book like it... Please go thru it."
No one can become patriot just saying vande matram, this is crazy....we Muslims cannot do that...its against our religion...but in fact we will fight for our country without any hesitation.....and save country from our enemies.....
Hello joker Viren......a lot of bharat maa ki jai sons are also living happily with their family's in Muslim countries and they respect and are thankful to those people. Some goons like you will let Islamic nations kick them out of there.......you sick-minded will let people hate each other...saffron pillas....why don't modi offer job and respect to the people who say jai jai and are still working in Islamic nations.......u don't belong to a democratic nation.......go to your country Nepal....ha haa
Viren Kotian, how could you say, the person who doesn't sing Vande Mataram is not be Indian!!!
You must know its not our National Anthem and its an individual personal choice.
I don't understand why CD post such nonsense Viren Kotian comments!!
Viren, I think you don't have any knowledge of our Indian constitution!!
Bharat Mata har ek Hindustani ki hai, aur Akbar ek hindustani hai, apne desh se madad maang raha hai, samajh is baat ko. and
don't ever bring communal things in humanity!!!
Mr. Kotian why so much hatred on muslim relegion, we are human beings, remember that.. we are indians here we don't treat each other as HINDU's or MUSLIM's.. Try to be peace lover My Dear Friend..
Bharath kisi ke baap ka nahi. The slogan made purely illogic for any religion including hindus which is against the holy scriptures. Will you and your millions of hindu brothers say La ilaha illallah mohammedurrasulullah while entering in arab countries to earn their bread and butter.
Dear viper kotian if u sing vande maataram r u getting 15 lac from your govt? Then why u r singing r u mad?
Viren kotian.
Its haraam to say vande mataram according to vedas. Hindu is not a religion. Arabs gave the word hindu. U should be thankful to arabs.
Rama couldnt save his own wife sita from kidnap. How can he save u.
Ask any pandit. He will runaway from u.
The religion is sanatan dharm. Nowadays nobody knows a single word of it.
Habeebi viren, dont worry we will try to help him out.. If you are not sleeping then try to see the problems of those who sing vande mataram and still not came out of it. I doubt the govt helps them.
Indian govt should help this guy.
Viren - stop talking nonsense ( as usual )
What is Indian embassy doing around.....they got a lot money of expatriates collected during passport renewal time....millions of them...couldn't they use part of it to get this person come out of his ordeal...
You are not ready to sing 'vande mataram' but when you get stranded in a Muslim country you need bharat maatha's hindu govt's help. Funny people.
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