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
Wow just in 9 mins the fire service reaches!!!
The biggest blunder of Modi Government....those who eat beef let them eat it....those who do not with all respect do not eat it....its their choice.....vote bank politics...that should be stopped for once and for all....
Muslims do not eat pig....but do not disturb Christians at all...
Masha allah our great leaders. may Allah give you long life.
incredible India.. The government, high commissioners getting a warning by RSS Terrorists but no action till date and if it is said by Muslim outfits they will name it as terrorism and file case against innocents.
Now impose case against these goondas and let's see how they will react..
If These terrorists warns means don't worry. If they strike and do any other terrorist acts, then shoot them. Automatically Dakshina kannada will become peaceful district like before.
NIA It is Narendra Interests adopting Agency.
They killed karkera, Good police inspectors everywhere Ex. Bathla house attack, etc.
They are arresting whomever opposing RSS and their Terrorist organizations.
and Why not BJP ????????
its unfortunate that ...he included SDPI as a communal group ....its a POLITICAL party ...just because fighting for the rights of minorities and dalits . and killed by RSS government is adding and considering as communal parties ????????????????
RAI , UT and LOBO are behind this to add SDPI too in this list ...
and one more thing is that ... victim of RSS are all including RSS members ( some times RSS kills their own members to shut the mouth) .....now when RSS started to kill civilians in DK and NK....and Popular front started to protest against the same ....now govt added victims in the list to target ...
all though the RSS is the main cause for all ....only RSS should be targeted not PFI or SDPI
All drama baazi...
assalam alikum wa rahmatullahi wabarkatuhu,
mai hajiyoki tahe dil se khidmath karna chahatahu,please muje ek moukha de allah meri dil ki muraad puri kare ..AMEEN...
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Asslumalikum waRahmatullahi Wabarkatuhu.
Sir
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Good move,book all anti social elements for peaceful atmosphere in DK and Udupi, Let normal people live peacefully
first Police is showing its presence .....who were dead while processions and stone pelting by BD and other third class organizations .....
in fact Muslims dont pelt the stones or cow heads ...we have seen this in Shimoga and other places and as well as Bantwal ..where a viral video shows the reality ....
if P.O.L.I.C.E over come from its % pressure , then we can see some light of peace in the district .....
Asslamoalykum
Sir I have Ready passport and I am very excited to do khidmaat e hujjaze Kiran but I want you to pay money but I promise to you when I earn some money I will return your money. Thank you
Please
Well done police. Should punish this gundaas.
When Muslims do their job taught by prophet Muhammad pbuh ... EXPECT ALLAHs help. Never lose trust in ALLAH..
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