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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.

Mangaluru, Jan 24: Aditya Rao, who was arrested for planting Improvised explosive device (IED) at Mangaluru airport on January 20, was brought to the airport on Friday for recreation of the crime scene as part of the investigation process.

Yesterday, one more case was registered against Rao in connection with a hoax call to the terminal manager of the airport on January 20, police said.

"One more case has been registered against Aditya Rao at Bajpe Police station for a hoax call to the terminal manager of Mangaluru International Airport on January 20," said PS Harsha, Mangalore Commissioner of Police on Thursday.

Earlier, Harsha informed that Rao, who surrendered before the Bengaluru Police, is now in the custody of Mangaluru Police.

"Our investigation team arrested Aditya Rao in Bengaluru in connection with the planting of an explosive device at Mangaluru airport. We produced the accused before Bengaluru's first JMFC court and the court issued a transit warrant," Harsha said.

"We have brought him to Mangaluru from Bengaluru and now the accused is in our custody. Our investigation team will interrogate him. We will investigate all aspects. He will be produced before Mangaluru 6th JMFC Court," he added.

Rao hails from Udupi and has engineering and MBA degrees.

According to the police, the IED was recovered from a bag at the Mangaluru airport. It was later defused in an open field by the personnel of the bomb disposal squad.

Udupi, Jan 22: Writer Richie John Pais will be conferred with the Best Konkani Book Award, instituted by Dr T M A Foundation in recognition of his contribution made to Konkani Language and Literature.

According to a statement, the Award carries Rs 10,000 in cash and a citation.

‘Fathor’, a collection of Konkani short stories authored by Richie John Pais was published in 2017 has been chosen for the Dr TMA Foundation Best Konkani Book Award 2018.