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
This passage has always been quoted out of context and never post other verses 9:1-14, If they did, people would find out that it says the opposite of what they claim. Read from 9:1 – 9:14,
Islam never says to kill non-believers and this wording is related to pagans at the time of renovation. Quran is not an ordinary book. To understand the quran better you need to study Hadith and history. Dear brother Rudra I really appreciate your quote and I advise you to study more and more about islam to find truth. May Almighty Allah Guide you and your family in a right way. May Allah bless you if he wishes. Insha halla
Dear Asokan, dont trust on sanghis who are trying to brain wash you. Whatever you have stated is wrong. Your daughter has no passport to go out of india. Secondly your son-in-law is not a terrorist but those sanghis who are brain washing are the real terrorists who killed Bapuji.
All claims, no proof.
Kill unbelievers where you find them. koran 9:5
Do you dare to deny it? Do you follow it ? pseudo muslim.
As per Quran, All muslims are not terrorists, there is no doubt in it.
I agree with you whatever legal points of view expressed. Hadiya is matured, educated lady and free to convert, believe and marry the boy of her choice.
There is another face to this, which also to be a face of parents! irrespective of Ashokan's Sangh parivar leanings, keep in mind that he is father of Hadiya.They born & bought up her for 24 years and all of sudden they lost her! How their agony, misery and sufferings will be? Just keep us in his place and think, don’t we require little introspection?
Mr.Ashokan Miscerabley failed to prove his claim as said! now even the supereme court allowed Hadiya to meet Mr.Shafin Jahan! the above statement is out of his frustration he maight have said. Now a days it is very easy to paint some one as terrorist , and some as nationalist! media and some Govt. agency under RSS control anything may happen in future as they decide who is nationalist and who is anti national!
Pray for Mr.Ashokan, Please read Islamic history before you comment.
Every one misunderstood that accepting islam is just taking membership. Islam is way of Life proved scientifically and logically. It is just way of Life. any one can learn Islam and practise it. It is open and no body will force to accept islam. It is choice to practise Law defined by Our creator. No body wil be a True Muslim unless he practice the way of life defined by creator. increasing membership in islam no use. Every one should understand their creator and obey him. It is very simple and beautiful. If any one understand the principles of Islam. automatically he will attract. and identify his creator. Only our creator can read our mind and understand true believer. by name we cannot say he is true beleiver.
"If thousands of crminals escape also no innocent should be punished"
"one should not eat full if neighbour is starving"
what a beautiful teaching. We pray Al mighty Allah shows right path for all human being.
Now he need Treatment from Mental Hospital.
How dare Asokan to call a man terrorist without a proof ?
He has the rights to object to the marriage but, can't call a man terrorist.
Drag him to court of law for defamation.
LOL
mr. jahan, file defamation case against this ignorant human...
In sha allah on judgment day hadiya's father will realize that her daughter had made a right decission by entering to the fold of islam and saved her life from hell fire. But sad part is her father is not realizing this now. I pray with almighty that to give hidayah to hadiya's father.
If ALLAH wills, one day you will come to realise that my daughter hadiya has taken a good descision, from dark to light. and i hope that hadiyas entire family will be enter to islam. May ALLAH guide you to understand islam. Aameen.
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