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
ya kis ki hadiis lay kai ahyai hi. lanaat laanaat laanat ho Fatima a.s kay qatilu pai. maavya pai lanaat. yazeed par lanat aur ius ka chanay waloo pai lanat
Because there is om and moon star sign in a flag. People like viren kotian. Wont comment.
No real Muslim will hurt himself or hate others.......this is act of terror and cowardness
This practice is non-islamic and started by enemies of Islam.
THEY DEFINITELY DON'T REPRESENT ISLAM.
WE THANK ALLAH FOR GUIDING US TO HIS STRAIGHT PATH.
MAY ALLAH GUIDE THEM TO. AMEEN YA RABBAL ALAMEEN..
Really a pathetic. Uncultured way of behavior. No one can advice them. This is not ISLAM. None of the religion is having this type of act. I feel sorry about innocent children participating this type of worship. May Allah (swt) guide them in true path.
PEOPLE OF HELL.
Allah Ke Momin Bando, ye hamara farz hai ke hamain inko is jahalat se bahar nikale. Aaj ke tatrik me Islam ko hamse hi katra Hai. Jitna ho sakte utna Dawah ki kaam karo, Baki sab Allah pe chod do.
Aur media ko Asli Islam ki Robaro Karvao, take e propoganda nahi kare.
People are shedding the blood and the women are taking photos of the same. Really pathetic. What happened to their intellect? The non-Muslims thinks that this is part of Islam, and if this is the way people does, then they never want to come closer to Islam.
It is unislamic....and shirk.....very bad people
Really stupid. Is there any leader among them who can teach them about this evil practices? Why only martyrdom of grandsons of Prophet (pbuh), why not martyrdom of so many sahabas (p.b.u.t)???
Of course we have to mourn on the death of sahabas (p.b.u.t) but not this way, neither the sahabas (p.b.u.t) never did this way when their compatriot passed away, neither Prophet (p.bu.h) advised to do this way. Then where did these people get the idea of observing martyrdom in this way that we cannot find in the teachings of Islam? Obviously from other religions, may be from Judaism? Really shiaism is a black dot on the face of Islam.
Shaheedon ke naam pe Maatam Nahi manaya jatha hai ye sarasar galath hai
these are black dot on Isalm. Utterly Nonsense.
Prophet Muhammad pbuh said to fast on these days. it is better in the sight of ALLAH. and he never mentioned to harm ourselves as the shia do now a days.
Those do worship as per their desires and not keeping the word of Prophet Muhammad pbuh are a deviant sect.
Muslims believe in all prophets including Moses pbuh...
This day is the day when Moses defeated the mightiest army of his time with the miracle of ALLAH. the parting of the sea.
It is the better for a true muslims to FAST rather than following their own desire in worshiping the man made rituals.
Utter Nonsense!!
One piece of Advice, donate your BLOOD to the Blood Bank on this day instead of spilling it on the road, at least you could save a life or two, which make more sense.
Cheers!!!
Masjid ya Mandir!!!????
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