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
India , Pakistan fought any War for political reasons.. soldiers killed from both sides are victims of war... we can not say 'Pakistan killed Indian soldier kaur ' or 'India killed pakistani soldien Khan'... with that sense , what student Gurmehar said is sensible .. RSS educated people like Simha may not understand this ... by equating Dawood with Gurmehar , he indirectly honored dawood's position.
Pratap simha is hebbulli,,,,real simha,,,every student is wid simha,,,not this low life kaur,,,,she has made herself luk stupid,,,,simha roar...
Guys please ignore the comments of \ naren kotian, Singapore\" always negative comments on Muslim on a manner like children of primary school age.....
just do not entertainment.... \"Kesarigi Kallu Haakabedi\""
hahaha 6 comments out of which 5 comments from one particular community , this says all :) hahaha ..now after seeing this message , madrasa IT cell , will change name as rama , krishna , suresha , mangesha , kaamesha ,pumpesha , pottel raja etc and start posting comments .hahaha... azeeza i like it ilike it .burnol beka , ice mele andu itkondu kooru
Which POLICE men - those who take bribe each and every corner.
Don't COMPARE MARTYR's with POLICE MEN.
BJP IT Cell has set up sophisticated telephone exchanges to sell India's military secrets to Pakistan. One of their gang busted recently in Madhya Pradesh. Due to this many of our brave soldiers lost their lives under the present govt. Sanghis have been anti-Indian, anti-secular, anti-women fascist gang right from pre- independence till today. No wonder their opposition to this sister.
it was not the chaay wala who killed innocent Muslims, pregnant women and kids in Gujarat but his supporters
Naren Thoo kitha bhi bonko tera asliyath har bar niklega . jb thoo har bhar bhonkega
BJP member's caught providng information to ISI.....hi hi hi hi hi people won't forget
Modi picked himself is garbage and picked all garbage in his administration....
rightly said ... jihadists are taking democracy as an advantage and commiting henious acts against India . bholo bharath mata ki jai ... jai bjp , jai sangh parivar ,jihadists media are screaming and rallying behind this gal as she is supporting pakistan .
Add new comment