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.
In a written reply, Minister of State for Home, Hansraj Ahir, informed the Lok Sabha on Tuesday that some media reports indicated that some known terrorists have reportedly been inspired by Dr Naik. However, investigations so far in this regard could not find any evidence against the internationally acclaimed orator.
Comments
My dear Venki...I say that both are not same as u said.. Do u know why?
1. Sadhivi Prachi always gives her hate speech. Like kill them kick them out of India.. Salman khan amir khan.. oh khan yeh khan.. many more as u know...
2. Zakir naik says Islam is pure rest others are not a true.. He doesnt says throw, kick, kill etc etc.. If you have any doubts you check from google bhayya and make it clear.. so dont compare lion and dogs! Lion is lion and dogs are always dogs it will never become lion :D
Zakeer Naik has more Fans - Hindus, Christians than Muslims.
His Fans are mostly highly educated, intellectuals.
He never advocates hatreds, animosities. He says truth which are wrongly practiced not following their own respective scripts like Veda, Geethas.
His knowledge in Hindu scripts are more than any common Swamees, pandiths.
Dear venki,
Your statement shows how much innocent you are. How you can compare prachi with Zakir? Did Zakir hate any religion? he is comapring the religions. He is showing what is in hindu scripts mentioned and what you are practising. Example, in vedas it clearly mention that idol worship should not be done. How many of us worshipping Idol? Did Prachi talk about Veda any time? If you listen her speeches it is spitting venom.
He has working, serving the people even with his all wealth, without seeking any personnel benefit. He has been doing it at least last 30-35years as I know it.
It would have not taken this much time to find any irregular activity if he has been committing such.
If does not need much time to know any anti social activity.
He is very much openly operating his activities obeying all the norms.
He is more popular in Europe and US, other countries than in India.
For some people it is very much difficult to digest his popularity and his fair activities.
Unfortunately those Sanghi brothern or Sanghi sympathizers can understand that he is rescuing them from their unknown mistakes.
Whatever he is doing he is not seeking any worldly benefit.
He has a strong faith in God, his sincere efforts will be rewarded in the other permanent life (which will be after death).
Really every Indian should thank God Almighty for bestowing such sincere person.
May God help us to understand truth and Guide us.
Modi's U turn....
TRUTH PREVAILS AND FALSE WILL PERISH...ALHAMDULILLAH
ZAKIR NAIK BECOMES MORE POPULAR....IN'SHA ALLAH
CHADDIGALIGE BURNOOL BAGYA
It is UNIVERSAL truth that he is innocent and just focusing on ISLAM. May almighty bless with you good always.
It is really good news for Zakir Naik and his followers, I was sure he will come up clean as I follow him last 20 years he always support teaching of Allah and Hadees and prophet's teaching. He never criticize other religion but compares to Islam whenever there was Q&A session anybody asks the question. He respect other religion.
Best of luck ZN and continue your good work.
Where are the saffron mfs who were barking and somebody please shit in mouth......
what is the fate of that Lunatic and his associates who have been shouting from the rooftop 24x7.? Is his Time Now come to an END?
Whenever a genuine Muslim targeted almighty Allah saved them, this is enough to realize a mankind that Allah is only a creator of everything nothing else. So everybody should say in one word that \Allah Hu Akbar, La ilaha Illalah\""
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