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 protesters, who gathered near the Sanskrit College Circle here, raised slogans glorifying Vishvesha Tirtha Swamiji of Pejawar Mutt and slammed the Dalit leaders, who raised voice against him.
Comments
Why is Pejawar seer, BJP and RSS hiding behind these sold out , so-called Muslims. why can't they come out on their own?
This is amusing. First ask pejawar seer why he keeps endorsing all the abuses and threats against the Muslims community during the \Hindu samajotsavas\" where he's the main organiser. Pejawar seer is the leading light of the VHP and Bajrang Dal. Please ask him to tell his group the VHP and Bajrang Dal to stop killing and raping Muslims (nowadays in the name of beef as well), then he can ask for their support. Thank you"
These are Muslims just in name. We need to know how much BJP & RSS has promised to give them for this publicity stunt. pejawar is behind the growth of the RSS and BD in the region, that has made life of Muslims miserable, and think they are 2nd class citizens. He was a leading light of the Babri demolition, and also behind the gau rakshaks who beat up and kill muslim traders . Instead of hiding behind these 'Muslims for rent', BJP and RSS should \protect\" Pejawar themselves, if they have any shame"
oh
Abdullah told good answer
Members of Udupi District Muslim Souharda Vedike (Bunch of Jokers in Udupi) , first of all you people protect yourself then talk about protecting the temple.
One of your hardcore Member (ANSAR) he himself is a THIEF, he had stolen gold at his own home in 2003, his father registered complaint in Udupi town police station. after investigation police arrested him.
Who is this Arif. Is he representative of Muslim community. I think such people led the protesters of sangh parivar to pelt stones to Masjids and shops/houses belongs to Muslims. I hope these ppl gave information to sangh parivars aboutthe Muslims who sacrifice animals. Is he really Arif and only a name given by sangh parivar to divide muslim community.
Muslims got high respect on Shri Krishna Matt . One should not cause any harm to mutt. Shri Pejawar Swamiji had gone all along from Udupi to Ayodhya to destroy the Babri Masjid.
Please dont call Muslims ... Call MRM sold outs... to cheddis
This Swamiji motivated the terrorist goons to demolish 5 century old Babri Masjid. thereby destroyed secularism in India. now needs the support of bone-licking munafiks
Let those mutt swamis chelas protect it....why muslims....go and protect yourself...from hell fire.....
Pejawar seer is known as as a hardcore advocate of RSS
well done. Thank you for staging protest and showing solidarity.. let's unite for good cause.
Dear Muslim Brother's.
First protect yourself from Hell fire.Later you can think of protecting other's. First learn about Islam then advise your Pejawar Sree about Islam and life after death.
Fear ALLAH,Obey Prophet Muhammed(pbuh).
It is a plan of pejawara.
his mutt has given some money to non practicing muslims (only name is muslim).
He want to devide dalits and muslims.
Mr. Arif how can say muslim community would be there to protect the thieves!!!???
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