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.
The leaders of the Hindu outfit claim to have been observing this day as 'Black Day' for the past 69 years to put forward their demand for declaring India as a "Hindu rashtra" and protest against the constitution that declares India a secular country.
Comments
Where is Arnab. cheddi??????
here times now go swamy will not bark... they are anti nationals... no media care about their anti national stand, no arrest.... because they are rss desh bhakths.
if it was a muslim organization , entire media start to bark \ anti nationals, pakistani supporters., terrorists etc. etc."
What will be the scenario of any Muslim involved on this,
This is a pure sedition.
This country will be never forcefully made any of these :
a) Hindu Rashtra, b) Muslim Rashtra c)Christian or any other Rashtra.
Watch / Monitor carefully, which population is growing.
On one day people may declare VOLUNTARILY as 1 particular Rashtra.
That will be their unanimously chosen favorite RASHTRA.
That will be the most peaceful Nation. That day will soon come, pray and wait for that.
What about these anti nationals.....no sangheez can comment....?
Not even one minority person in India is left without celebrating our independence day except these terrorists....
Need to file case against them drop them in jail,
let them move to nepal or moon...
The Real Problem of India. They have to be deported to Nepal or Mayanmar. Non sense goons
Let them go to hell.......!!!!
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