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
Peja,
Please explain to your followers that NA TASYA PRATIMA ASTI means there is no image of GOD and U guys are fooled to worship lifeless stones and objects just to be a part of fire...
God says there is only one God and U should worship this one God... and not associate partners with him...
Look for the TRUE GOD , If U are honest U will find him otherwise people like peja will deceive U in your whole life to worship the lifeless objects which will not benefit nor harm anybody.
33 crores plus one
Datta Peetha for Hindus, Kanakana Kindi at Sri Krishna Matta for Harijans. Are you ready Swamiji?????
99% of Hindus are not behind and interested in Ram temple and datta peeta but Bajrangies.....this terrorist groups should be given a lesson by the government.....
Shri Dattatreya was both god and guru for Hindus.
I do not understand the above sentence. Its looks funny while reading because how people accept every creations of god as GOD???
Worship the creator and not his creations.
What is dutta peeta? what about ram temple...is it closed chapter?
Bajrangies should understand that the both places are Muslims property...cannot take a centimeter from it....
It proved that he is the swamy for goons and criminals.
Hey cheater pejawara...
This land doesnot belong to your father, mind it and mind your own business....
Wonderful argument by Great Swamiji, any way, definitely that \DATTA PEETA\" belongs to Hindustanis, but not Criminal Goonda Looters, Swamiji looking and Listening you are Thinking These before Chaddi Now Lungi Cheating Looting for Gangasara, leave their Gangasara business to Master Charan. swamiji see all belongs to Hindustanis why are you simply listening some criminal goonds says for their benefit nothing else you great swamiji these goonda political looters are doing good for our great Nation!!!!!!!!! never and ever swamiji all are Self contribution only not for religion not for nation.
Hindustan Jindabad.."
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