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
Narrow minded Mr. Shetty, in gulf countries somany Hindu girls are working under Arabs/Muslims for the sake of money. Why don't you term them condition to work under Hindus in India.
need job in muslim firm in ramdhan time many hindu womens weariing burka and coming to collect zakat money are you bother about tiz know because need money what a joke ramesh shetty
For your kind information most of all muslim firm many hindu relgious girls working and aslo many bachelore hindu girls working in gulf country tiz is allowed ,what you called for tiz love jihad or love jihd in gulf country shame on you uncultred people....
Rakesh Shetty : people like you are called narrow minded..... Grow up.
i dont understand why people like Rakesh Shetty are so much worried about popularity of Islam.
if they can track who is visiting whom in the locality, I wonder why these goons didnt reach sister Bhavani's house, who died at Janavasati Colony in Puttur taluk’s Vidyapur , and not a single saviour of hindu religion came forward to cremate her.
i wish these goons help their own hindu Koraga families living in shambles in Kulshekar.
And hope the police exhibit same proactiveness to stop moral.policing, drug menace, rapes and control law and order in the district.
looks like police dept is only interested in supporting moral.policing and protecting cows
Non-sence statement given by One Mr. Rakesh Shetty. Why that one sided policy? There are many cases of "Kesari Jihad" by the Saffronists in the recent days. Open your narrow-mindedness before you give such statement.
ಶ್ರೀಯುತ ಶೆಟ್ಟಿಯವರೆ,
ಇಸ್ಲಾಂ ಸೃಷ್ಟಿಕರ್ತನ ಧರ್ಮ. ಈ ವಿಶ್ವವನ್ನು ಸೃಷ್ಟಿಸಿದ ಏಕೈಕ ಜಗದೊಡೆಯನನ್ನು ಆರಾಧಿಸುವುದು ಮಾತ್ರವಾಗಿದೆ ಇಸ್ಲಾಂ ಕಲ್ಫಿಸುವುದು. ಅದಲ್ಲದೆ ತಾವೇ ಸ್ವತಃ ನಿರ್ಮಿಸಿದವುಗಳನ್ನು ಪೂಜಿಸುವ ಗತಿಗೇಡು ಮುಸ್ಲಿಮರಿಗಿಲ್ಲ. ಯಾರಾದರೂ ಹಾಗೆ ಮಾಡಿದರೆ (ಶಿರ್ಕ್ ಮಾಡಿದರೆ) ಧಾರ್ಮಿಕವಾಗಿ ಅವರು ಮುಸ್ಲಿಮರೂ ಅಲ್ಲ. ಇನ್ನು ಬಲತ್ಕಾರದಿಂದ, ಹಣದಾಸೆಯಿಂದ ಯಾರನ್ನಾದರೂ ಹಿಡಿದು ಧರ್ಮವನ್ನು ಅವರ ಮೇಲೆ ಹೇರುವ ಗತಿಗೇಡು ಮುಸ್ಲಿಮರು ಮಾಡಿಲ್ಲ, ಮಾಡುವುದೂ ಇಲ್ಲ. ಈ ಧರ್ಮದ ಸುಂದರ ಆಶಯವನ್ನು ಕಂಡು ಆಕರ್ಷಿತರಾಗಿ ಜನರು ಇಸ್ಲಾಮನ್ನು ಸ್ವೀಕರಿಸುತ್ತಾರೆಯೇ ಹೊರತು, ಮುಸ್ಲಿಮರನ್ನು ಕಂಡಲ್ಲ. ಅಲ್ಲಾಹನು ತಾನು ಉದ್ದೇಶಿಸುವವರನ್ನು ಸನ್ಮಾರ್ಗದಲ್ಲಿ ನಡೆಸುತ್ತಾನೆ. ಆದ್ದರಿಂದ ನೀವು ದಯವಿಟ್ಟು ಖುರ್ ಆನನ್ನು ಕಲಿಯಿರಿ.
ಇಸ್ಲಾಂ ಇಹಲೋಕ ಜೀವನ ಮತ್ತು ಮುಸ್ಲಿಮರ ಜನಸಂಖ್ಯೆಗೆ ಯಾವುದೇ ಪ್ರಾಶಸ್ತ್ಯ ನೀಡುವುದಿಲ್ಲ. ಬದಲಾಗಿ ಪಾರತ್ರಿಕ ಜೀವನದ ವಿಜಯವೇ ಅದರ ಉದ್ದೇಶ. ಅಲ್ಲಿ ವಿಜಯಶಾಲಿಯಾಗಬೇಕಾದರೆ ನಮ್ಮೆಲ್ಲರನ್ನು ಸೃಷ್ಟಿಸಿದ ಆ ಅಲ್ಲಾಹನ್ನು ಮಾತ್ರ ಆರಾಧಿಸಬೇಕು. ಇದರಲ್ಲಿ ವ್ಯರ್ಥವಾಗಿ ತರ್ಕಿಸಿ ಯಾವುದೇ ಫಲವಿಲ್ಲ.
This is a case of Love jihad, Great Job by Bajrang Dal. we dont have any problem if muslims girls visit our houses. but we condemn hindu Girls visiting Muslim houses. Muslims will do Taqiya to convert hindus by hook or crook,
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