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
Dr Zakir naik' s naik controversy is bound to happen due to his increasing popularity around the world for spreading peace. Our hypocrite politicians and news channels and their blatant liars like Arnab goswamy do not want peace makers in the society as it wont help them to accomplish their agenda. Dr Zakir naik never breaks any law of the land and always preached the truth.. Quran is the only religious book which specifically and strongly condems killings of innocent people. Dr Naik will have the help of Allah no matter how hard the media tries to malign his name. May Allah be with you Dr Zakir bhai and all Muslims. Ameen.
Bopanna, if you are real hindu, and against these muslims, how you can work in muslim country? By working there you are helping these People. So resign immediately and come back to india. Let us see your real Hinduism. For the money you will do everything this is the fact. If you don't resign then don't blame them. Instead accept their religion and live with them.
Mr.Bopanna.... please be careful on what you comment.. know the facts and provide sources before spitting out sensitive words...
Islam exists for more than 1400 years and terrorists less than 50 yearsss, if Holy Quran teaches to kill Kuffars as you say then I am surprised that not 1% of the world's killings is done by Islam....
There are more than 2 billion muslims in the world and is 30% of the worlds population.... if we all muslims become terrorists then jerks like you would have vanished in minutes... but no, our religion doesn't teach that.... no where we are thought in Quran to kill kafirs or non muslims than helping them....
IF ISIS, daesh or any terrorists organisation u label them as muslims, then u are ignorant, illiterate and an idiot.... can u not see the recent blast in baghdad killed more than 220 muslims, turkey more than 40, Ksa recently.... how an earth a terrorist can kill muslims if his target is kuffars....are the terrorists idiots enough to make out the difference is religion....Terrorists has no religion and ISIS,Daes or any group of idiots are not a part of our holy religion which promotes peace....not killings
Non muslims are just scared of ZN coz of the conversion ratios of non muslims into Islam....I doubt any of his videos have thought or inspired any one to become a terrorists... none of them I have seen... If he is then I will never be his supporter but if he is not then please dont comment unnecessary things in social media.... without a valid source....
Surprisingly u seems to be a reisdent of KSA.... how on earth with somuch hatredness within yourself can work in a muslim country abiding all muslim laws... and enjoy the incomes of muslim ruled companies, Money changed ur mind and developed tolerance with u... lol...
Brothers... dont blindly believe media as most of the storie are fabricated.. there is story behind what media portrays... Islam is never a religion of killing but a religion which promotes peace and condemns killing....
i strongly beleave this game is being played by sri sri ravi shanker... he was bashed black and blue(exposed) by dr zakir some years back in frount of a very larg croud and whole world came to no about his truth that he is nothing but just a fake god man.... am very sure when dr zakir nayaks isseue goes to the cort he will come clean.... its just that people cant defeate his through debates so they r using all other means to defame him... sri sri if u r a man (whuch i dought) defeate him by debating him not like this.....
All critics of ZN should watch his video preach.
They should compare these with other hate mongers speech can realize who is who?
Asatyameva Jayate, yes you are a terrorist no doubt. All Muslims are terrorists since they abide by the Koran - which asks to kill all Kuffars. Koran shuld be banned and all Muslims Jailed
Every Hindu or Muslim once took a oath in school......... every Indians are my brothers and sisters..... if one of them become terrorist can we arrest the whole nation as their relatives.....ha ha.....
If a rapist or a terrorist is inspired by any god book religion or any person are you going to ban or arrest them all......joke hai yaar.............
I am inspired by dr. Zakir Naik and also some good words from some Hindu purohits. Am I going to be a terrorist???
Indresh Kumar's Sufism more active in Bangladesh....!
Does India ever taken against Indresh Kumar who accused in Samjoutha Express and Pakistan asks us to take action against him? Why much eagerness in what Bangladesh's baseless demand?
Those who can't face ZN on talk or debate, obviously they go for backdoor to defame ZN. Modi's popularity going down in day by day and also UP elections ahead, so this 'inspire' story has more depth to divert people's attention. RSS pracharak and terror accused Indresh kumar founded modern Sufism and using the same Sufism against Islam. US did the same in Iraq, Libya, Syria, Pakistan, Afghanistan to destroy Islam by 'Muslims'. Muslims are scapegoat of divide and rule either by western country or India.
Some so called our scholars also knowingly or unknowingly victim of Sufism to defame Islam and against ZN.
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