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.
Taluk Panchayat member Fauziya and her husband were not present in the house when the attack took place at around 8 p.m. on Sunday.
Comments
Kill them whenever they enter your home, there is no punishment for self defense... Judiciary is permit you to kill any person or group if they enter your home forcefully...next time don't give them a chance to escape alive...
BJP has lost its civic sense,how can they rule the country? if they cannot respect senior citizens. Intolerance has reached its peak amongst BJP. Curse of these senior citizens will lead them to their dooms day in sha Allah.They should not forget that human is mortal
BJP is a sore loser
Where is Ibraheem Hussain Udupi
Where is CongRSS ? are Siddanna,Paramesh appa, rammnna ?
COWARDS Since the time of BRITIISH, Either supporting the british against indian independence or attack cowardly 100 X 1 or 3
Animal is animal (do they ask people to worship them or use it to celebration)
Please publish news about BJP MP Statement
Terrorism will not destroy without ending Islam
Let people come to know about elected candidate work progress
Guys election is over, accept the reality and work together for the betterment of poor and downtrodden people. But police do their job and nab those who are responsible for attacking old age persons and destroying their properties....this is really bad...
Really very much condemnable, but how much you reported that , we Hindustanis non believable movement attacking the Woman, totally Criminalizes, Goonda act non bail Black Prison Inside, These BJP,RSS Criminal Goondas so far not attacked women their Plan only make Problem for Looting, the biggest Looters, Thieves are BJP/RSS Goondas and Criminals, looks like now in Karnataka in Siddannas Government they can not do their Criminalize, path were these Criminals ruling.
\\"but one thing Every Dog has its own Day Anna\"
Jia Hindustan."
Acche din
This is a time to ban BJP/RSS terrorist group and kicking them out of the country
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