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.
The victim has been identified as R Rudresh (42), a resident of Milkman Street in Shivajinagar. He was a BJP and RSS worker.
Comments
He died of a powder, which was scheduled to end his rowdy there anything special that he did,
Finally RSS got the sponsors for their trousers.
Chaddi to Pants journey
Whoo!!! chaddis have become Panties now!!!
He is a victim...it could be a dirty political game. BJP-RSS finds a good guy in their own association & plots a plan against muslims by killing them. This is well known. But Allah is the best planner. None in the universe surpass him. Allahu Akbar
Dear Chinnan , we condemn innocent's killings ....but these (RSS) are traitors who plot to kill INDIAN Citizens.....and hoisting Pakistani flag in Sindhagi
Muslims never betrayed INDIA .....these are you who traited our country
Quran Says 5:32 Whoever kills a person (unjustly)it is as though he has killed all Mankind. And whoever saves a life it is as though he had saved all Mankind.
Dont judge islam by seeing people rather Islam is totally opposite to what you see.
@ Naresh kotian. Your barking statement neither bring any solution to calm the situation nor influence the people of any faith, unless they are sick minded. I have been reading your sick comments every time, and I'm sorry to say that you are a uncivilized
Some of the morons like Kotians in this forum are suffering from inferior complex
They are jealous about Muslims. And I still wonder why Indian Muslims are associated with the neighbour country when there is no connection .
Why can't u associate us with countries like Saudi Arabia UAE etc
This reflects their cheap mentality and intolerance, which is taught in their chaddi Shaka's
And why surgical within...,if Allah wills a tsunami like natural disaster can wipe out entire humanity without differntiating Hindus mulsim Christians
So stop this hatred towards other communities
And look at the deceased. In which angle he looks like a RSS worker...bcos he looks like a goon.This murder could be for Girl, real estate or drug
Why drag muslims to it , Think why he is killed , muslims do not celebrate death of any person.. If deceased is having criminal back ground , it is a lesson to other criminals , same may face same end...
bros.... why roam with hate minds... spread happiness , accept reality...
Naina, Vijaya,
Please do not come to your own conclusion....let the law take its course of action.....don't count the chicken before hatch....
Its very bad!
RIP ....there is no safety for Hindus in rashtra drohi community controlled congress ..they hacked Prashanth ,charan kuttappa and Raju ....now rudresh....jai Sri ram ....jihadis will certainly have to face repercussions ...they were upset with surgical strikes on their co brothers in pak ...now its high time surgical strikes needed within ....jai sangh parivar ....
@laila; Stop dragging, muslims into ur dirty hindusht politics
Vote bank politics at its best. An RSS worker killed nothing happens! When a Muslim or a Christian is killed (not a good thing either) it is award wapasi time. Sick Congress and Leftists!
No one deserves to be killed in a civilised society.
These type of murders and lynchings etc always happen, just before any elections. These are happening right from Nehru's period. He murdered Shyama Prasad Mukherjee, Rafiq Ahmed Kidwai etc. few more BJP and RSS workers will be murdered by Congress
RSS ? what does it stand for? Rahul-Sonia Slave ?
If a RSS worker is killed it is not a considerable offence because they are fundamentalists. If the same thing happened to others it means atrocities, anti secular, anti national, terrorist activity. When we will get up and live in the environment of reality.
@shiva, If people start killing people of one particular community for insulting girls then almost 90% of them will vanish.
I hate RSS and their Bhakts but killing any person in such a way should be condemned...... If people started killing Bhakts for insulting girls then more than 70% of Bhakts will vanish.
Hack the culprits back in a same way. hindus will not tolerate any oppression either..
If u live by sword, u die by sword
The Cong govt has no answer to give to the people over its failure to protect innocent hindus.
This should not have happened. Very sad. May Almighty Allah give courage and strength to the bereaved family members, relatives and friends to bear this irreparable loss.
Weak policing all over the country are bolstering the criminals to beat, kill, maime each other. Terrible. Strictest action needed.
Hindu murdered,all of u have no problem
But if a muslim/ Christian was murdered,u call it as fascism,terrorism,brutality,...olakkeede moody
What a ****** country
How We Hindus live here
i remember
Kalburgi
Panasare
Dabolkhar...
PARA NARI rudresh is a GOONDA. CPI(M) fools people in the name of secularism. For them secularism is being anti Hindu. They dare dont criticise Islam and its traditions but take pride in talking ill of Hindu traditions and Hinduism.
Lives of Hindus are in dangers under Siddu govt :(
It's Muslim groups who is doing to bjp
It seems rationalists are having a bad time in the sub-continent for the years. Shame really!
So sorry to hear that..
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