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
one of the chut#yst man i ever seen in this news portal..do you think modi is internet email so all the people with him...first change your cow dunge to human brain and come to mangalore for treatment...
Doctor name Dr Kamath surgen 9967453786...
is it ok for you to replace with bakra brain...then dont blame muslim for that..reason we have sortage of human brain due to election
Ananth Kumar, what have you done for the people other then living the life style of the rich and famous with the poor tax payers money and warming up your seat. Nobody can match Siddaramiah he has done 100 foldes of you guys had done.. BJP leaders have nothing tangable to show that's why you guys keep bring up the watch issue. Please vote for Congress! so Siddaramiah can be our CM for a better future for the people of Karnataka.
Moustache still black by the grace of Kolesston colour but Laak chupawo Chupna sakegha Jhoota bjp walon ka jhoot ka chehra. Shakuni mamoo next mp election u will not be anywhere in Karnataka Map.
Wait and watch. first leg will be within a week and the final leg 2019 supda saap no adress of bjp or rss or u.
Anant, thu kasan sangtha maraya, lutha bais. 15 May pale Kazan zatha mum. Yeddi che chaddi votha.
Dear Ananthkumar, you are able and fit leader to be next CM of karnataka. You are always tellig the truth and open to all. We, the people of your constituency fully support you as our care taker and helping us. You are like our God Father.
Anant Kumar is 100 percent correct. Cogress will not get a single seat against the wave's of MODI and YOGI. Our great national hero leader PM Modi has already told that people of Karnataka have made their mind to kick out Congress and select only BJP in karnataka and to be followed by Kerala, Tamil Nadu and Andhra. I think Electon Commission should stop voting in Karnataka to save billions of Rupees as people have already informed our Leader great Modi that they will vote for BJP only. It will be a waste of money for Congress and other parties also as BJP is going to sweep almost all the seats. Our PM is a great astrologer and has dreamt about the win in Karnataka and whatever he dreams it comes true. He had dream of becomingPM of india and it became true. He also dreamed that he will visit also all the countries in the world and its nearly completing as he has left only few countries to visit. Jai Modi ji . Jai Hind.
All Bjp leadrs are day dreaming for power in karnataka which will end on 15th may 2018.Let them happy upto that day. JAI KARNATAKA JAI INDIA.NO FEAR INDIA IS OUR SLOGAN.
Ananth Kumar and Anant Kumar Hegde, both are same in mindset. always spits nonsenses
A study shows BJP is 'richest' political party and the money not in the name of party it's owned by BJP leaders individually. They are not showing it while filing nomination and they are not paying income tax also
The irony is, cow dung fools are criticising normal people
Soon BJP will be eradicated from India due to Computer baba, rapist BJP MLAs, Yogi and Feku etc
In other countries, ministers and elected persons will be highly qualified specific area focused people. Here in India, all BJP MLAs and ministers are some cow dungs
India will be free of BJP due to Modi and his MLA fools
I am not a supporter of any political leader or party. But yeah i'll definitely choose a candidate wisely while voting irrespect of his caste or party.
Mr. Ananth kumar what you know about the facilities the present govt has provided for the farmers by sitiing in Delhi?
Mr. Siddu ( I am not a suppoter of him anyway) has done Something for the farmers of his state. Dont blindnly fool the people of karnataka.
Its sad that farmers are ending their lives all over India..
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