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.
Sindhu Sooryakumar says she received over 2,000 abusive calls on her mobile allegedly from activists and sympathisers of various pro-Hindutva groups, accusing her of calling Durga a “sex worker” during the show which was a discussion on whether celebrating Mahishashura Jayanthi could be considered an act of treason.
Comments
Suvarna news and Asianet are two faces of one coin partially owned by Rajiv Chandra Shekhar, a Rajya Sabha MP elected by BJP, Karnataka. I was wondered these two channels always in favor of Saffron fugitives, how come the TV Anchor Sindhu got exact 2000 calls from Saffron activists? There were good TV anchors in these two channels left because owners leaning towards Saffrons. Now these two channels are having Astrology, Yoga, and vastu programmes which is not supported by current rulers of Karnataka. Since then these two channels are spreading venom in the society to divide the people.
Government must take note of this and an enquiry to be conducted to find out who are behind this episode.
Come on yaar...freedom of speech and media...why pain now?
Ban RSS...
Respect women....
\Ah! Antinational. Those days, that's what the British called us\", said the frail old man to his grandson as he pointed to the TV anchor."
Right wing fringe at play.
Everything is fair in The name of NATIONALISM.
It is a sheer disgrace to threaten a lady journalist for no fault of hers. She is an employee of a private TV channel and she has done as the call of duty. It is the duty of the society to protect ladies . Everybody worships GODDESS Durga and it is not that TV reporter does not. She may be more religious than the persons who are threatening her. The image of Durga will not be hurt if some sections of the society pass comments against her. Thousands of years culture is preserved by our women only. Keralites are highly educated but not civilized enough to have finer human feelings to respect and love women. It is a blot on their society.
Malayalam TV anchor got threaten calls from Activists of #Sangh #BJP is shame on Democratic India.Who is responsible for this?
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