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
anybody got their grevences answered here
corporation lights of cemetrey not glowing since two months. On 1st November 2019 is holy souls day. Kindly repair the lights at the earliest.
Fr. Joseph J. Lobo
Parish Priest
Street light is not working since 15 days. On 23rd July 2019 complaint lodged with Mobile No7353933410. Till date they are not responding
hello / madam
Keeping the city clean is our duty. I know not everybody is following that. We need some awareness program
to keep our city clean green and hygenic. Its our duty to keep the environment clean and place around us.
But it is also the duty of Corporation to maintain the cleanliness aroud the city, in some parts of the city like market, near clock tower circle its not been getting cleaned from past few days. Please do the needfull for betterment of tomorrow
thank you
Dear Madam, I have purchased 1 BHK flat in Green City, Vamadapadav on October, 2013 and paid full amount to builder T3 Urban Developers LTD. As per agreement possession was in December, 2015 but still building is not ready.
There were 5 buildings in Green City and at a time builder started 3 buildings construction work. I have purchased middle of the building and that building 1st floor slab only completed and since long time work stopped.
Last year builder agreed to give me flat in 1st building but building’s interior work is still pending and since 1 year work totally stopped.
Presently builder is not picking call or not responding for query. It seems that he is cheating with me. Kindly help me to resolve this issue. I will be grateful to you.
Sir/Madam,
Four street lights are not working on Raghavendra Matt Road, Hosabettu, Surathkal since long.
The roads are in Shabby condition and hence difficult in the night to Padastrians.
Kindly arrange to replace the treet lights on Main road, Raghavendra Matt Road, Hosabettu, near and after the Areca Field.
the kalbavi road in kottara ashok nagar was provided with ugd pipe line during last year. as usual the centre of road was dug up in march 2018 for this purpose making the road not motorable during the monsoon of 2018.
the asphalt work is now planned now during nov2018 by mcc. this road is very narrow and not having the foot path or road side drain at all.
both the ugd agency as well as the asphalting agency have put the muck/soil on the sides of the road, making it now impossible to walk when there is traffic. also during monsoons , storm water from the entire stretch for about 500 ft will flow on this road itself which is diverted to my compound/pure water sump due to the faulty work of mcc.
in spite of repeated requests/complaints to the commissioner,corporators, engineers of mcc, publishing of the photos of the same in some news papers,action is yet to be taken.
now at least it is requested to remove all the above dumped muck /soil on either sides of this road which is also preventing the entry of monsoon water th the existing drain near the starting point of sagar court.
Street light not working at kulai kavinakallu 2nd street
Relevant department has to look into the matter seriously and work on it and mark the matter as closed so that its notified as closed. Its a good move for public and public workers to work hand in hand
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